US short-seller Hindenburg Research alleged that it suspects that SEBI’s unwillingness to act against the Adani group may be because its head Madhabi Buch had stakes in offshore funds linked to the conglomerate.Buch and Adani had refuted Hindenburg’s allegations.US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project.US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.
Source link
