SEC against Adani: The US financial regulator US Securities and Exchange Commission (SEC) has accused Gautam Adani, his nephew Sagar Adani, and Vneet Jaain, CEO, Adani Power with 'conspiracies to commit securities and wire frauds,' according to an official notification from SEC.  

The securities watchdog has accused the Chairman of Adani Group and his top level executives of defrauding American investors and bribing key officials. The media reports suggest that Adani might be involved in a multi-billion dollar bribery and fraud scheme. 

According to an SEC report, the Adanis allegedly agreed to pay approximately $265 million in bribes to Indian government officials to secure contracts projected to generate $2 billion in profits over two decades, including the development of India's largest solar power plant project.

The watchdog further accuses Adani of orchestrating a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions using false and misleading statements.

Adani Group is yet to share an official response to the allegations by the US authorities. 

Who is Gautam Adani?

Gautam Adani is an billionaire industrialist and the founder of the Adani Group, a conglomerate with interests spanning ports, logistics, power generation, renewable energy, infrastructure, and more. 

Born on June 24, 1962, in Ahmedabad, Gujarat, Adani started his career in the diamond trade before venturing into commodities trading and eventually establishing the Adani Group in 1988.

Under his leadership, the group has grown to become one of India's largest businesses, playing a key role in the country's infrastructure development. Adani has often come under spotlight as one of the wealthiest individuals globally, with major influence in both business and politics. 

However, his business practices have also drawn criticism and scrutiny over allegations of environmental concerns, monopolistic behavior, and financial irregularities.