Indian billionaire Gautam Adani, one of the world's richest people, has been indicted on multiple counts of fraud in the US. The criminal charges are related to his alleged role in a scheme to bribe officials in India.
Prosecutors say he and other senior executives paid more than 250 million dollars to win contracts for his renewable energy company. His Adani Group has issued a statement describing the allegations as baseless.
Adani Group has released a report, reassuring its creditors it has sufficient cash flows to service its debt obligations. This is the first attempt from the Indian conglomerate to manage the fallout from the bribery charges brought forward by US authorities.