NEW DELHI: Billionaire Gautam Adani, and his nephew Sagar have not been charged with any violation of the US Foreign Corrupt Practices Act (FCPA) in the indictment that authorities filed in the New York court in the alleged bribery case, the Adani Group said on Wednesday.
They have been charged under securities fraud that involves levy of monetary penalties.
Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, and another key executive have been charged by the US Department of Justice of being part of an alleged scheme to pay USD 265 million bribes to Indian officials to win contracts for the supply of solar electricity that would yield USD 2 billion profit over a 20-year period.
