Wed Nov 20 21:31:43 UTC 2024: ## Adani Charged with Multi-Billion Dollar Fraud and Bribery Scheme

**New York, NY – November 21, 2024** – Gautam Adani, chairman of the Adani Group, and seven other executives, including his nephew Sagar Adani, have been charged by the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice with orchestrating a massive fraud and bribery scheme.

The SEC alleges that Adani and his associates defrauded American investors by making false statements to secure over $175 million in funding for Adani Green Energy Limited. The scheme, involving the alleged bribery of Indian government officials, aimed to secure a multi-billion dollar solar energy project. Azure Power Global Limited and its executive, Cyril Cabanes, are also implicated.

Simultaneously, a federal indictment unsealed in Brooklyn charges Adani, his nephew, Cabanes, and five others with violating the Foreign Corrupt Practices Act. Prosecutors claim the group paid over $250 million in bribes to secure contracts worth over $2 billion in projected profits over 20 years. The indictment alleges that Adani personally met with Indian officials to advance the scheme and that the defendants frequently communicated about its execution.

The charges include conspiracy to commit securities and wire fraud, substantive securities fraud, and violations of the Foreign Corrupt Practices Act. The SEC is seeking injunctions, civil penalties, and officer and director bars. The Department of Justice is pursuing criminal penalties. The alleged crimes involved misrepresentation to investors and banks to raise billions of dollars, and obstruction of justice. The alleged actions represent a massive corruption scheme that defrauded American investors and leveraged the bribery of Indian officials for massive financial gain.

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