Thu Nov 21 11:35:01 UTC 2024: ## Adani Group Chairman Indicted in US on Bribery and Fraud Charges

**New Delhi, November 21, 2024** – Gautam Adani, chairman of the Adani Group, and several associates face a five-count criminal indictment in the U.S. for allegedly orchestrating a massive bribery and fraud scheme. The indictment, unsealed by the U.S. Attorney’s Office for the Eastern District of New York, accuses Adani and his associates of paying over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts.

The charges, filed under the Foreign Corrupt Practices Act (FCPA), include conspiracy to commit securities and wire fraud, and making false and misleading statements to defraud U.S. investors and global financial institutions. The indictment alleges that Adani Green Energy, along with Azure Power Global, secured contracts by offering inflated prices for solar power, subsequently selling this power to state-owned electricity distributors through the Solar Energy Corporation of India (SECI).

In a parallel move, 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 of Azure Power, alleging a massive bribery scheme involving both companies. The SEC complaint, if proven, could result in substantial penalties and injunctions.

Following the indictments, Adani Green Energy withdrew a proposed $600 million bond offering, and shares of Adani Group companies experienced a significant drop in market value, losing an estimated $28 billion.

The Adani Group has vehemently denied all allegations, calling them “baseless” and vowing to pursue all legal avenues. The indictment covers actions between 2020 and 2024, implicating several key executives from Adani Green Energy and Azure Power, as well as former executives from the Canadian pension fund CDPQ, a major investor in Azure Power. The case highlights the alleged use of the U.S. financial system to facilitate the alleged fraudulent scheme.

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