A US federal court has issued an arrest warrant for one of India’s richest men.
Billionaire Gautam Adani has been charged by the US Securities and Exchange Commission (SEC) with allegedly defrauding investors and bribing officials.
The 62-year-old Adani Group boss, worth $116bn (£91.77bn) faces the allegations along with his nephew Sagar Adani and six others in relation to one of the world’s largest solar projects.
Image: Adani Group has been accused of fraudulent practices in the past.
File pic: AP/Manish Swarup
An investigation conducted by the FBI claimed Mr Adani and others agreed to bribe Indian government officials to obtain lucrative solar energy supply contracts.
Deputy assistant attorney general Lisa Miller said: “This indictment alleges schemes to pay over $250m [£197.75m] in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice.”
FBI assistant director James Dennehy said: “Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation.”
Image: The company has been accused of being too close to prime minister Narendra Modi in the past.
File pic: AP/Manish Swarup
The 54-page indictment said that between 2020 and 2024, the defendants agreed to pay bribes for contracts that would generate more than $2bn (£1.58bn) in profits.
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The FBI said on several occasions, Mr Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution.
According to the indictment, some conspirators would use the codenames “numero uno” and “the big man” to refer to Mr Adani in private.
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Image: Adani Group chairman Gautam Adani pictured in January 2024.
File pic: AP/Ajit Solanki
“Sagar Adani had notes on his cellphone that tracked the region where a bribe was paid, the amount paid and the expected contract size for solar power business that his company would be expected to provide in return,” it said.
It added text messages allegedly revealed other Adani Group associates attempted to destroy evidence and mislead federal investigators.
The Adani story is tied to Modi
The news of the case has caused a bloodbath on Adani shares some of which plunged more than 20% hitting the lower circuit in this morning’s trading.
Millions have been wiped out in market value of the various companies of the conglomerate.
Mr Adani is a supporter of prime minister Narendra Modi.
The two come from the Gujarat, where Mr Modi was chief minister for over a decade.
Since Modi’s premiership in 2014 the rise of Mr Adani can only be described as colossal.
His value has grown more than 2,500% in the last five years.
From coal to green energy, ports, and airports, Mr Adani is inseparable from India’s growth story.
In a press conference leader of opposition, Rahul Gandhi demanded: “Mr Adani be arrested immediately for breaking the law in the US and India and a start of an investigation. Prime Minister Modi is protecting the businessman because he is involved in his corruption.”
BJP leader Sambit Patra said the allegations were against the company, who will reply to them. He added: “The people of this country are behind PM Modi and his credibility is intact and growing.”
In February 2023, US short-seller Hindenburg Research published a report alleging the Adani Group was manipulating their stock prices, committing accounting fraud and was involved in money laundering.
The group dismissed these allegations as “malicious and baseless”.
But the allegations wiped off over $100bn (£79bn) from the company’s valuation.
Image: India’s Congress party leader Rahul Gandhi speaks to the media on Gautam Adani.
Pic: AP/Manish Swarup
In response to the most recent allegations, the group said: “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.
“As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought.
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
“We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”
A number of Adani projects in Kenya, Bangladesh, Sri Lanka and Australia have become major issues of contention regarding transparency and environmental damage and have faced major protests outside India.
America appears to have hit the three key locations in Iran’s nuclear programme.
They include Isfahan, the location of a significant research base, as well as uranium enrichment facilities at Natanz and Fordow.
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Natanz was believed to have been previously damaged in Israeli strikes after bombs disrupted power to the centrifuge hall, possibly destroying the machines indirectly.
However the facility at Fordow, which is buried around 80 metres below a mountain, had previously escaped major damage.
Details about the damage in the US strikes is not yet known, although Mr Trump said the three sites had been “obliterated”.
The US has carried out a “very successful attack” on three nuclear sites on Iran, President Donald Trump has said.
The strikes, which the US leader announced on social media, reportedly include a hit on the heavily-protected Fordow enrichment plant which is buried deep under a mountain.
The other sites hit were at Natanz and Isfahan. It brings the US into direct involvement in the war between Israel and Iran.
Israeli Prime Minister Benjamin Netanyahu hailed the “bold decision” by Mr Trump, saying it would “change history”.
Iran has repeatedly denied that it is seeking a nuclear weapon and the head of the UN’s nuclear watchdog said in June that it has no proof of a “systematic effort to move into a nuclear weapon”.
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3:34
Trump: Iran strikes ‘spectacular success’
Addressing the nation in the hours after the strikes, Mr Trump said that Iran must now make peace or “we will go after” other targets in Iran.
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Commenting on the operation, he said that the three Iranian sites had been “obliterated”.
“There will be either peace or there will be tragedy for Iran far greater than we have witnessed over the last eight days,” he said.
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Benjamin Netanyahu said Donald Trump and the US have acted with strength following strikes on Iran’s nuclear facilities.
In a posting on Truth Social earlier, Mr Trump said, “All planes are safely on their way home” and he congratulated “our great American Warriors”. He added: “Fordow is gone.”
He also threatened further strikes on Iran unless it doesn’t “stop immediately”, adding: “Now is the time for peace.”
It is not yet clear if the UK was directly involved in the attack.
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Among the sites hit was Fordow, a secretive nuclear facility buried around 80 metres below a mountain and one of two key uranium enrichment plants in Iran.
“A full payload of BOMBS was dropped on the primary site, Fordow,” Mr Trump said. “Fordow is gone.”
There had been a lot of discussion in recent days about possible American involvement in the Iran-Israel conflict, and much centred around the US possibly being best placed to destroy Fordow.
Meanwhile, Natanz and Isfahan were the other two sites hit in the US attack.
Natanz is the other major uranium enrichment plant in Iran and was believed to have possibly already suffered extensive damage in Israel’s strikes earlier this week.
Isfahan features a large nuclear technology centre and enriched uranium is also stored there, diplomats say.
Israelis are good at tactics, poor at strategic vision, it has been observed.
Their campaign against Iran may be a case in point.
Short termism is understandable in a region that is so unpredictable. Why make elaborate plans if they are generally undone by unexpected events? It is a mindset that is familiar to anyone who has lived or worked there.
And it informs policy-making. The Israeli offensive in Gaza is no exception. The Israeli government has never been clear how it will end or what happens the day after that in what remains of the coastal strip. Pressed privately, even senior advisers will admit they simply do not know.
It may seem unfair to call a military operation against Iran that literally took decades of planning short-termist or purely tactical. There was clearly a strategy of astonishing sophistication behind a devastating campaign that has dismantled so much of the enemy’s capability.
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3:49
How close is Iran to producing a nuclear weapon?
But is there a strategic vision beyond that? That is what worries Israel’s allies.
It’s not as if we’ve not been here before, time and time again. From Libya to Afghanistan and all points in between we have seen the chaos and carnage that follows governments being changed.
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Hundreds of thousands have died. Vast swathes of territory remain mired in turmoil or instability.
Which is where a famous warning sign to American shoppers in the 80s and 90s comes in.
Ahead of the disastrous invasion that would tear Iraq apart, America’s defence secretary, Colin Powell, is said to have warned US president George W Bush of the “Pottery Barn rule”.
The Pottery Barn was an American furnishings store. Signs among its wares told clumsy customers: “You break it, you own it.”
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0:36
Iran and Israel exchange attacks
Bush did not listen to Powell hard enough. His administration would end up breaking Iraq and owning the aftermath in a bloody debacle lasting years.
Israel is not invading Iran, but it is bombing it back to the 80s, or even the 70s, because it is calling for the fall of the government that came to power at the end of that decade.
Iran’s leadership is proving resilient so far but we are just a week in. It is a country of 90 million, already riven with social and political discontent. Its system of government is based on factional competition, in which paranoia, suspicion and intense rivalries are the order of the day.
After half a century of authoritarian theocratic rule there are no opposition groups ready to replace the ayatollahs. There may be a powerful sense of social cohesion and a patriotic resentment of outside interference, for plenty of good historic reasons.
But if that is not enough to keep the country together then chaos could ensue. One of the biggest and most consequential nations in the region could descend into violent instability.
That will have been on Israel’s watch. If it breaks Iran it will own it even more than America owned the disaster in Iraq.
Iran and Israel are, after all, in the same neighbourhood.
Has Israel thought through the consequences? What is the strategic vision beyond victory?
And if America joins in, as Donald Trump is threatening, is it prepared to share that legacy?
At the very least, is his administration asking its allies whether they have a plan for what could come next?