Sat Nov 23 09:46:48 UTC 2024: ## Adani Group Faces US Bribery Charges, Summoned to Court
**New York, November 23, 2024** – Gautam Adani, chairman of the Adani Group, and his nephew Sagar Adani have been summoned by a New York court to respond to allegations of a massive bribery scheme. The U.S. Securities and Exchange Commission (SEC) accuses them of paying $265 million (₹2,200 crore) in bribes to secure lucrative solar power contracts in India.
A November 21st summons, issued through the New York Eastern District Court, demands a response within 21 days. Failure to comply will result in a default judgment against them. The SEC alleges that between 2020 and 2024, the Adanis and Cyril Cabanes, an executive at Azure Power Global, orchestrated the bribery scheme to obtain contracts projected to yield $2 billion in profit over two decades.
This action follows a Wednesday indictment by the U.S. Department of Justice, which alleges that the Adani Group raised $2 billion in loans and bonds from U.S. and international firms based on false statements about their anti-bribery practices. U.S. Attorney Breon Peace stated the investigation, initiated in 2022, encountered obstruction. He emphasized the commitment to combatting international corruption and protecting investors.
The Adani Group denies the allegations, asserting its commitment to high standards of governance and regulatory compliance. The case highlights the growing scrutiny of international business practices and the ramifications of alleged corruption on a global scale.
First Piper 