Fri Nov 22 05:42:27 UTC 2024: ## Adani Faces US Indictment for $265 Million Bribery Scheme in India

**New Delhi, November 22, 2024** – Gautam Adani, Indian industrialist, and several associates face a five-count criminal indictment in the United States for allegedly orchestrating a $265 million bribery scheme to secure lucrative solar power contracts in India. The U.S. Department of Justice (DoJ) indictment details how Adani Green Energy Ltd. and Azure Power Global Ltd. allegedly bribed Indian government officials to ensure state electricity distribution companies (discoms) signed power sale agreements (PSAs) with the Solar Energy Corporation of India (SECI).

The scheme, spanning from 2019 to 2024, centered around a massive solar energy project – one of the world’s largest at the time – awarded to Adani and Azure. High energy prices set in the initial contracts jeopardized the project’s viability, prompting the alleged bribery scheme. The indictment alleges that Gautam Adani, his nephew Sagar Adani, and other executives, promised bribes totaling approximately ₹2,029 crore (approximately $265 million), with a significant portion aimed at officials in Andhra Pradesh.

Internal communications, including “Bribe Notes” detailing bribe amounts and recipients, were allegedly tracked on mobile phones. The indictment outlines how Azure Power, initially a partner in the scheme, was allegedly pressured to pay its share of the bribes through various schemes, including transferring project contracts to Adani Green. The DoJ alleges that these actions violated US anti-fraud laws, given that Adani Green raised over $175 million from US investors while the scheme was underway and Azure Power’s stock traded on the New York Stock Exchange.

The indictment has sparked immediate political reactions in India, with Congress leader Rahul Gandhi demanding Adani’s arrest and the BJP challenging Congress to take legal action. The scandal has also raised concerns internationally, with Kenya already cancelling energy and airport deals with the Adani group and experts in Sri Lanka urging vigilance over similar agreements. The investigation and its implications continue to unfold.

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