Wed Nov 20 23:49:10 UTC 2024: ## Billionaire Gautam Adani Indicted in US on Multibillion-Dollar Bribery Scheme

**New York –** Gautam Adani, chairman of the Adani Group and one of the world’s richest men, has been indicted in New York on charges of orchestrating a massive bribery scheme involving Indian government officials. The indictment, unsealed Thursday, alleges that Adani, along with two other executives from Adani Green Energy – his nephew Sagar Adani and Vneet Jaain – paid over $250 million in bribes to secure lucrative solar energy contracts worth an estimated $2 billion in profits.

The scheme, spanning from 2020 to 2024, allegedly involved false and misleading statements to secure over $3 billion in loans and bonds from US and international investors. Five other individuals, including executives from another renewable energy company and employees of a Canadian institutional investor, face related charges of criminal conspiracy.

US Attorney Breon Peace stated that the defendants engaged in an “elaborate scheme” to bribe Indian officials, with Gautam Adani personally meeting with officials to advance the plan. Prosecutors allege the conspirators used code names like “Numero Uno” and “The Big Man” to refer to Gautam Adani, and that Sagar Adani used his phone to track bribe payments.

Arrest warrants have been issued for Gautam and Sagar Adani, and US prosecutors plan to seek their extradition. The charges violate the US Foreign Corrupt Practices Act. The Securities and Exchange Commission has also filed related civil charges.

The indictment comes just hours after Adani Green Energy raised $600 million through a bond sale and follows Adani’s recent announcement of a planned $10 billion investment in US energy projects. Last year, the Adani Group was accused of stock market manipulation and fraud by Hindenburg Research, allegations the group denied. While India’s Supreme Court later ruled in favor of the Adani Group, this US indictment presents a significant new challenge. The Adani Group has yet to respond to the charges. The Indian embassy in Washington has also not yet commented.

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