NEW DELHI (AP) — One of Asia’s richest men, controversial Indian tycoon Gautam Adani, is again in the spotlight. His companies’ stocks plunged up to 20% on Thursday after he was indicted by U.S. prosecutors on charges he duped investors in a massive solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme.
In an indictment unsealed by federal prosecutors in New York on Wednesday, Adani, 62, was charged with securities fraud and conspiracy to commit securities and wire fraud.
One result of the U.S. legal action is that the Adani group decided not to proceed with a proposed U.S. dollar-denominated bond offering.
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