TL;DR:
- Gautam Adani has been indicted in the US for allegedly engaging in a $250 million bribery scheme involving Indian government officials to secure solar energy contracts.
- Prosecutors claim Adani and his associates misled investors while securing over $3 billion in capital by hiding their corruption practices.
- The charges involve sophisticated tactics to conceal bribes, including detailed records and code names for transactions, indicating a systematic approach to corruption.
- This indictment follows Adani’s previous controversies, raising concerns over the integrity of his vast business empire encompassing ports and renewable energy.
Indian business tycoon Gautam Adani has been indicted in New York on charges of orchestrating a massive $250 million bribery scheme and deceiving investors to secure billions in funding. The 62-year-old chairman of the Adani Group, along with seven other executives, faces multiple criminal charges including securities fraud conspiracy and wire fraud conspiracy.
Federal prosecutors allege that Adani and his co-conspirators paid bribes to Indian government officials to obtain lucrative solar energy contracts expected to generate over $2 billion in profits over two decades. Among those charged are Sagar Adani, the billionaire’s nephew, and Vneet Jaain, former CEO of an Indian energy company.
“This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,” stated Deputy Assistant Attorney General Lisa Miller.
The defendants allegedly employed elaborate measures to conceal their activities, using code names such as “Numero uno” and “the big man” to refer to Gautam Adani. Prosecutors revealed that conspirators documented their bribery efforts extensively, tracking payment locations and recipients through cell phones and preparing detailed PowerPoint presentations to analyze payment options.
FBI Special Agent James Dennehy emphasized that some defendants attempted to obstruct justice by destroying evidence and concealing their involvement in the conspiracy. The investigation, which began in 2022, uncovered that the executives had secured $3 billion in loans and bonds through misleading statements about their anti-bribery measures.
The charges represent another significant blow to Adani’s business empire, which spans ports, airports, renewable energy, and media. With a personal fortune exceeding $69 billion, Adani ranks among the world’s wealthiest individuals and is known for his close association with Indian Prime Minister Narendra Modi.
None of the defendants are currently in custody, though arrest warrants have been issued. The Adani Group has not yet responded to the allegations. The case is being prosecuted in Brooklyn federal court due to alleged criminal activities occurring within the Eastern District of New York.
This indictment follows previous controversies surrounding the Adani Group, including a 2023 report by Hindenburg Research that accused the conglomerate of fraudulent activities, allegations which Adani has consistently denied.
Source: The Daily Star
