Former Quebec pension fund workers charged in U.S. in Indian government bribery case

Quebec’s pension money manager says it is co-operating with United States authorities aft 3 erstwhile employees were indicted successful national tribunal successful Brooklyn, N.Y., successful an alleged strategy to springiness hundreds of millions of dollars successful bribes to the Indian government.

The U.S. Attorney’s Office says the trio were progressive betwixt 2020 and 2024 successful a crippled to wage much than US$250 cardinal successful bribes to Indian officials and to deceive investors and banks to unafraid contracts worthy billions of dollars with a star vigor company.

Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra person been charged with conspiracy to interruption the Foreign Corrupt Practices Act successful transportation with the alleged bribery strategy that besides allegedly progressive Indian billionaire Gautam Adani.

Adani is 1 of the world’s richest men and has adjacent ties with Indian Prime Minister Narendra Modi.

The attorney’s bureau alleges that the 3 erstwhile pension money employees besides conspired to obstruct a expansive assemblage and the FBI by deleting physics materials, withholding accusation and falsely denying their information successful the alleged bribery plot.

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The pension money manager, the Caisse de dépôt et placement du Québec, says it is alert of charges against “certain erstwhile employees,” who it says were fired successful 2023, adding that it won’t remark further.

Adani’s business, the Adani Group, denied the allegations arsenic “baseless” and said they volition beryllium seeking ineligible recourse. None of the radical charged successful the lawsuit person been arrested.

This study by The Canadian Press was archetypal published Nov. 22, 2024.