Gautam Adani, an Indian billionaire and close associate of Prime Minister Narendra Modi, has been indicted by US authorities for his alleged involvement in a multi-billion-dollar bribery and fraud scheme. The indictment, announced by the Department of Justice, accuses Adani and seven other executives, including his nephew Sagar Adani, of orchestrating a scheme to bribe Indian government officials to secure lucrative solar energy contracts.
The allegations have sent shockwaves through the Adani Group, a sprawling conglomerate with interests in various sectors, including ports, power, and renewable energy. Shares in the group’s listed companies plummeted following the indictment, wiping out billions of dollars in market value.
The DOJ alleges that Adani and his associates promised over $250 million in bribes to Indian officials to secure solar energy contracts that were projected to generate more than $2 billion in profits over a 20-year period. The indictment claims that Adani personally met with an Indian government official to advance the scheme, and that the defendants frequently discussed the bribery operation.
The Adani Group has vehemently denied the allegations, stating that they are “baseless” and that the company maintains the “highest standards of governance, transparency and regulatory compliance.”
In a parallel civil action, the Securities and Exchange Commission (SEC) has also charged Gautam Adani, Sagar Adani, and another executive with engaging in the bribery scheme. The SEC alleges that the scheme allowed Adani Green Energy Ltd and Azure Power Global to secure a lucrative contract from the Indian government, with Adani Green raising over $175 million from US investors based on misrepresentations.
This indictment comes on the heels of a previous controversy surrounding the Adani Group. In January 2023, US short-seller Hindenburg Research accused the conglomerate of stock manipulation and accounting fraud, leading to a significant decline in Adani’s fortune. The Adani Group denied those allegations as well.
The latest indictment adds another layer of complexity to the ongoing scrutiny of the Adani Group’s business practices. The outcome of the legal proceedings in the US could have significant implications for the company’s reputation and future operations.
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