The second-richest person in India, Gautam Adani, has been charged by U.S. federal prosecutors with fraud for allegedly seeking to pay $250 million in bribes to Indian officials to secure solar-power contracts worth billions. The scheme occurred between 2020 and 2024, with Adani’s nephew, Sagar Adani, also named as a defendant. The Securities and Exchange Commission separately announced civil fraud charges against them. Adani, who is worth approximately $70 billion, heads the Adani Group and its industrial conglomerate with stakes in logistics and energy units. The SEC complaint directly names Adani Green Energy Ltd., a unit of Adani Group.
Last year, a short-seller accused Adani Group of fraud, causing its shares to fall, but they rebounded following a ruling by India’s Supreme Court. Adani has also received support from Indian Prime Minister Narendra Modi, which has been criticized by India’s opposition party. Adani has not yet commented on the allegations, while the short-seller, Hindenburg Research, stands by its findings.
The indictment by U.S. prosecutors accuses Adani and his alleged co-conspirators of obtaining funds through false and misleading statements while bribing Indian officials. The U.S. Attorney’s Office in Brooklyn characterized the scheme as an elaborate plan to secure contracts through bribery and deception. The document refers to an unnamed “Indian renewable-energy company” that was “a portfolio company of an Indian conglomerate,” likely Adani Group.
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