Thu Nov 21 08:47:11 UTC 2024: ## Adani Group Chairman and Others Indicted in US on Multi-Billion Dollar Bribery Scheme

**New York, November 21, 2024** – Gautam Adani, chairman of the Adani Group, his nephew Sagar Adani, and six others have been indicted by federal prosecutors in New York on multiple counts of fraud, including bribery and conspiracy. The indictment alleges a multi-billion dollar scheme to bribe Indian officials to secure favorable terms on solar power contracts, potentially generating over $2 billion in profits.

The indictment, unsealed Wednesday, alleges that over $250 million in bribes were paid to Indian government officials between 2020 and 2024 to secure contracts for the development of India’s largest solar power plant. The scheme allegedly began after Adani Green Energy, a subsidiary, secured contracts from the Solar Energy Corporation of India (SECI) in 2020. The initial $6 billion investment was projected to yield over $2 billion in profits, but faced challenges due to high energy costs.

Among those indicted alongside Gautam and Sagar Adani are Vneet Jaain (CEO of Adani Green Energy), several former executives from Azure Power Global and three former employees of the Canadian pension fund, Caisse de dépôt et placement du Québec (CDPQ). The indictment accuses the defendants of violating the Foreign Corrupt Practices Act (FCPA), which prohibits US companies from bribing foreign officials.

The indictment further alleges that Adani and his associates deceived investors by issuing bonds supported by falsified financial data and made false statements to secure loans and investments. A parallel civil lawsuit has been filed by the US Securities and Exchange Commission (SEC).

In response, the Adani Group has denied all allegations, stating that it is fully compliant with all laws. CDPQ, which terminated the implicated employees in 2023, stated it is cooperating with US authorities. Adani Green Energy cancelled a $600 million bond sale following the indictment, and Adani Group shares experienced significant losses. The case will now proceed to arraignment, with the defendants expected to enter a plea. A conviction could result in substantial financial penalties and bans from holding executive positions in US-regulated companies. The indictment is expected to reignite the reputational crisis faced by the Adani Group following earlier allegations of fraud by Hindenburg Research.

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