North News
Chandigarh, November 21
US prosecutors have indicted Indian billionaire Gautam Adani, chairman of the Adani Group, and several senior executives in connection with an alleged multibillion-dollar bribery and fraud scheme. The charges, unsealed on Wednesday in Brooklyn federal court, include securities fraud, wire fraud, and violations of the Foreign Corrupt Practices Act (FCPA). The indictment names Sagar Adani, Vneet Jaain, and other individuals associated with Adani’s renewable energy ventures.
According to prosecutors, the scheme involved over $250 million in bribes paid to Indian government officials between 2020 and 2024 to secure lucrative solar energy contracts. These contracts were expected to generate more than $2 billion in profits over two decades. Prosecutors allege that Gautam Adani personally met with Indian officials to advance the bribery scheme and that senior executives meticulously tracked the payments using electronic messaging apps and detailed records.
The indictment further alleges that Adani and his associates defrauded U.S. investors and international banks by raising over $3 billion based on false and misleading statements. This included $2 billion in loans and more than $1 billion in bond offerings. Prosecutors say these funds were used to finance solar projects obtained through bribery while concealing the corruption from investors and financial institutions.
In addition to the bribery and fraud allegations, some defendants are accused of obstructing investigations by deleting electronic evidence and withholding information from the U.S. Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and the FBI. Investigators say the defendants misled authorities by initiating internal probes that concealed critical information about the bribery scheme.
“This indictment highlights a calculated effort to exploit international markets through corruption and deceit,” said Lisa H. Miller, Deputy Assistant Attorney General. FBI Assistant Director James E. Dennehy emphasized the agency’s commitment to exposing global corruption and protecting investors.
The investigation was led by the FBI’s Corporate, Securities, and Commodities Fraud and International Corruption Units, with support from the DOJ and SEC. Prosecutors from the U.S. Attorney’s Office for the Eastern District of New York are handling the case. The defendants, including Gautam Adani, are presumed innocent unless proven guilty in court.
