Thu Nov 21 16:23:40 UTC 2024: ## Adani Group Chairman Indicted in US on Multi-Billion Dollar Fraud and Bribery 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) for allegedly orchestrating a multi-billion dollar scheme involving bribery and fraud. The charges, unsealed late Wednesday, include paying over $250 million in bribes to secure Indian solar energy contracts, and defrauding U.S. investors and global financial institutions through false statements.

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 Global, alleging a massive bribery scheme involving Adani Green and Azure Power. The SEC complaint, if proven, could result in significant penalties.

The DoJ indictment alleges that between 2020 and 2024, the defendants bribed Indian government officials to secure contracts for Adani Green Energy and Azure Power, despite their solar power prices exceeding market rates. This allegedly led several Indian states to sign power purchase agreements with the Solar Energy Corporation of India (SECI). To fund operations, the defendants are also accused of securities and wire fraud, concealing FCPA violations to obtain over $2 billion in loans and selling over $1 billion in securities to U.S. investors.

Following the indictments, Adani Green Energy withdrew a proposed $600 million bond offering, and Adani Group companies experienced a $28 billion drop in market value. The Adani Group denies the allegations, calling them “baseless” and vowing to pursue all legal recourse. The case is now under investigation, with the defendants presumed innocent until proven guilty. The charges carry significant penalties under the U.S. Foreign Corrupt Practices Act (FCPA). The developments have sparked renewed calls for investigations into the Adani Group in India.

Read More