Gautam Adani and Associates Charged by US in $250 Million Bribery Scheme
Gautam Adani | US prosecutors have charged Indian billionaire Gautam Adani in a criminal case alleging a $250 million bribery scheme to secure lucrative solar energy contracts with the Indian government.
The indictment, unsealed in the Eastern District of New York, accuses the executives of fraud, bribery, and obstruction of justice in a multi-billion-dollar scheme involving international investors.
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The charges include conspiracies to commit securities and wire fraud and violations of the Foreign Corrupt Practices Act. The case also implicates
Sagar R. Adani and Adani Power CEO Vneet S. Jaain, former executives Ranjit Gupta and Rupesh Agarwal, and Canadian institutional investor employees Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, in what US officials call one of the largest solar energy bribery schemes ever uncovered.
Allegations of Bribery and Misrepresentation
Between 2020 and 2024, Gautam Adani and associates allegedly agreed to pay over $250 million in bribes to Indian officials to secure solar energy contracts projected to generate more than $2 billion in profits over 20 years. Prosecutors claim Adani personally met with Indian officials to advance the scheme. Key evidence includes digital records of bribes, photographic documentation, and detailed analyses prepared by co-defendants.
Prosecutors also allege that Adani and his associates misrepresented their anti-bribery policies and concealed the scheme while raising billions in financing through loans and bond offerings from U.S. and international investors.
Gautam Adani | Statements from US Officials
Breon Peace, US Attorney for the Eastern District of New York, stated, “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and lied to investors and banks. This office is committed to rooting out corruption in the international marketplace.”
Lisa H. Miller, Deputy Assistant Attorney General, emphasized the gravity of the charges, stating, “These offenses were allegedly committed to finance massive state energy contracts through corruption and fraud at the expense of U.S. investors.”
FBI Assistant Director James E. Dennehy added, “The FBI remains steadfast in exposing corrupt agreements with international governments and protecting investors from harm.”
Potential Ramifications
The allegations against Adani and his associates could have far-reaching consequences for the Indian conglomerate’s international standing and investor confidence. The case also highlights increasing scrutiny on global financial practices involving emerging markets.
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The defendants face multiple charges, including conspiracy to bribe foreign officials, securities fraud, and obstruction of justice. If convicted, the penalties could include significant fines and prison sentences.
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