U.S. prosecutors accuse Adani Group of paying over $250 million in bribes to secure solar energy contracts.
Indian billionaire Gautam Adani, chairman of the Adani Group, has been charged in New York with involvement in a multibillion-dollar fraud and bribery scheme, U.S. prosecutors announced on Wednesday. The indictment alleges that Adani, along with his nephew Sagar Adani and other defendants, paid more than $250 million in bribes to Indian government officials to secure solar energy contracts generating over $2 billion in profits.
Key Allegations
The 62-year-old billionaire and two Adani Green Energy Limited executives—Sagar Adani and Vneet Jaain—are accused of misleading international investors about the company’s adherence to anti-bribery and anti-corruption policies while raising $3 billion in capital.
According to prosecutors, conspirators referred to Gautam Adani using code names like “Numero Uno” and “The Big Man,” with Sagar Adani allegedly using his cellphone to document bribe details.
The charges, filed in the U.S. District Court in Brooklyn, include violations of the Foreign Corrupt Practices Act (FCPA), a U.S. law aimed at preventing international bribery.
Broader Implications
In addition to the Adani Group executives, the five-count indictment names Ranjit Gupta and Rupesh Agarwal, former executives at Azure Power Global, as well as three former employees of the Canadian institutional investor Caisse de Dépôt et Placement du Québec (CDPQ): Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra.
Seven of the defendants are Indian citizens who resided in India during the alleged offenses, while Cyril Cabanes is a dual French-Australian citizen who lived in Singapore at the time.
Adani Group’s Response
The Adani Group has not yet issued a statement regarding the charges. Requests for comment outside business hours in India went unanswered.
Next Steps
The case, which highlights potential violations of global anti-corruption standards, has drawn significant international attention. If found guilty, the defendants could face severe penalties, including hefty fines and imprisonment.
This latest development adds to growing scrutiny over the Adani Group’s business practices and could have far-reaching consequences for its operations and reputation globally.