Billionaire Indian Tycoon and Family Indicted in NY

Once the world's third richest man and a titan in India has been indicted for fraud in nY where they were attempting to raise $2B with $250M intended to be used for bribes to win power contracts in India.

this should be interesting to track. what will India do with this mountain of evidence of who was going to get how much in bribes?

what will world banks do if they believe 15% of every loan is for bribes?

and people wonder why US companies, where executives can be criminally liable, can't compete in the world where bribes are part of doing business.

A billionaire titan and the former third-wealthiest person in the world was just charged in a mammoth $2 billion bribery scheme

All told, authorities on Wednesday accused the executives and conspirators of raising more than $2 billion in loans and bond offerings under false pretenses. “This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,” stated Deputy Assistant Attorney General Lisa H. Miller. “These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of U.S. investors.”
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Authorities claimed the defendants involved in the scheme tried to hide their tracks using code names. They referred to Gautam Adani as “SAG,” “Mr. A,” “Numero uno,” and “the big man.” They referred to another defendant, Adani Green CEO Vneet S. Jaain as “V,” “snake,” and “numero uno minus one.” The indictment also charged former executives of an unnamed U.S. renewable energy company, Ranjit Gupta and Rupesh Agarwal.

Authorities claimed Gautam Adani’s nephew, Sagar Adani, allegedly used his cell phone to track details of the bribes promised to government officials. The so-called “Bribe Notes” tracked the state or region for which government officials had been offered a bribe, the total bribe amount, and the amount of solar power the state or region would purchase in exchange for the payment. The SEC alleged in a separate complaint that Sagar communicated the need to “incentivize” Indian officials and states to “motivate” them to agree to contracts.

Similarly, authorities claimed Rupesh Agarwal, a consultant for an unnamed U.S. company and a former chief strategy and commercial officer, used PowerPoint and Excel to determine which corrupt payment option was best in offering bribes. One of the PowerPoints suggested concealing the bribes as development fees, the complaint states. Authorities claim some PowerPoint analyses and texts were destroyed or concealed in a scheme to obstruct a government’s investigation.

Officials claimed Gautam Adani met multiple times with officials, including one from Andhra Pradesh, to broker a power agreement. The largest bribe in the indictment is a $228 million payment offered to secure contracts in the Andhra Pradesh region. The indictment noted that Gautam Adani touted the signing of the Andhra Pradesh agreement as “the world’s largest.”