One of the world’s richest men, Indian billionaire Gautam Adani, was charged by U.S. prosecutors last Wednesday with fraud in connection with a renewable energy project in India.
The indictment against Adani, reportedly a close friend of Indian Prime Minister Narendra Modi, was unsealed in a federal court in Brooklyn, New York. Prosecutors also accused three former executives from Caisse de dépôt et placement du Québec of bribery in connection with the case.
The Adani Group denies all wrongdoing and pledged to pursue “all possible legal recourse.”
The charges against Adani may strain the burgeoning U.S.-India relationship. Extradition is possible, although “by no means certain,” according to Bloomberg News.
Stocks of Adani Group companies have dropped by up to 23 per cent since the announcement.
