Thu Nov 21 17:15:38 UTC 2024: ## Adani Group Chairman Indicted in US on Multi-Billion Dollar Fraud Charges

**New Delhi, November 21, 2024** – Gautam Adani, chairman of the Adani Group, and several associates face a five-count criminal indictment from the U.S. Department of Justice (DoJ) alleging a massive bribery and fraud scheme. The charges, unsealed late Wednesday, include bribery of Indian officials to secure solar energy contracts, securities and wire fraud, and defrauding U.S. investors and global financial institutions.

The DoJ alleges the defendants paid over $250 million in bribes to Indian government officials to win contracts from the Solar Energy Corporation of India (SECI). This allegedly allowed Adani Green Energy and Azure Power to sell solar power at above-market rates to state electricity distribution companies in several Indian states. The indictment further claims the defendants concealed these FCPA violations to secure over $2 billion in loans from international financial institutions and U.S. asset management companies, and raised over $1 billion through securities sales in the U.S.

Simultaneously, the U.S. Securities and Exchange Commission (SEC) filed a civil complaint against Adani, his nephew Sagar Adani (head of Adani Green Energy), and a top executive from Azure Power, alleging a massive bribery scheme involving the two companies. If proven, the SEC complaint could result in penalties including a permanent injunction and civil penalties.

Following the indictments, Adani Green Energy withdrew a proposed $600 million bond offering, and shares of Adani Group companies lost an estimated $28 billion in market value. The Adani Group denies the allegations, calling them “baseless,” and vowed to pursue all legal avenues. The indictment covers actions between 2020 and 2024, and involves several other executives from Adani Green Energy, Azure Power, and the Canadian pension fund CDPQ. The charges carry significant penalties under the U.S. Foreign Corrupt Practices Act.

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