New York, November 17: Billionaire Gautam Adani, along with his nephew Sagar Adani and several associates, has been charged by US prosecutors in connection with a $250 million bribery scheme aimed at securing favorable terms for solar power projects in India. The allegations suggest that between 2020 and 2024, Adani and his team paid bribes to Indian government officials to win lucrative contracts, potentially generating over $2 billion in profits.
US authorities have accused Adani of concealing this bribery from American banks and investors, as his companies raised billions of dollars in funding for the projects. The charges also involve former executives from Azure Power Global and individuals linked to a Canadian pension fund, CDPQ. Prosecutors claim these officials obstructed investigations by destroying evidence and providing false information.
The US Securities and Exchange Commission (SEC) has filed a civil lawsuit against the Adani Group, while criminal charges, including securities and wire fraud conspiracy, have been unsealed against key figures. The indictment includes accusations of violating federal securities laws and the Foreign Corrupt Practices Act.
This case comes after Adani’s companies recently began recovering from the significant market losses caused by Hindenburg Research’s allegations of fraud in early 2023. The accusations of “brazen stock manipulation and accounting fraud” led to a $150 billion loss in market value, although much of it has since been regained.
US prosecutors detailed how Adani and his associates, using code names like “Numero Uno” for the chairman, coordinated bribes and tracked details using personal devices. In March 2023, the FBI reportedly seized electronic evidence from Sagar Adani in the US.
With Adani Green Energy raising over $175 million from US investors and Azure Power’s stocks traded on the New York Stock Exchange, the indictment ties the alleged scheme directly to American financial markets. The SEC seeks severe penalties, including barring Adani executives from holding leadership positions.
This fresh scandal risks reigniting global scrutiny on Gautam Adani and his business empire, which spans ports, power generation, mining, and renewable energy. As of now, the Adani Group has not commented on these allegations.
