In a hurry? Here’s a quick summary…
- Gautam Adani and two executives face U.S. charges for allegedly paying $250 million in bribes to secure solar energy contracts.
- Adani Group is also accused of securing $3 billion in loans through false statements, with arrest warrants issued for key figures.
Gautam Adani, the chair of the Indian conglomerate Adani Group and one of the world’s wealthiest individuals, has been indicted in New York for his alleged role in a multibillion-dollar fraud scheme.
U.S. prosecutors revealed on Wednesday that Adani, alongside Adani Green Energy executives Sagar Adani (his nephew) and Vneet Jaain, allegedly paid over $250 million in bribes between 2020 and 2024 to secure solar energy contracts expected to generate $2 billion in profits.
The renewable energy company is also accused of securing over $3 billion in loans and bonds during this period through false and misleading statements.
Additionally, five others, including two executives from another renewable energy firm and three employees of a Canadian institutional investor, face related conspiracy charges.
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Court records show arrest warrants have been issued for Gautam Adani and Sagar Adani, with plans to involve foreign law enforcement.
Seven of the eight defendants are Indian citizens residing in India, while the eighth, Cyril Cabanes, a dual French-Australian national, lived in Singapore.
Cabanes, an executive at Azure Power Global, was identified as one of the Canadian investor’s employees.
The U.S. Securities and Exchange Commission (SEC) has also filed civil charges against Gautam Adani, Sagar Adani, and Cabanes.
Adani Group and India’s embassy in Washington have yet to comment on the developments.
Gautam Adani, whose net worth is estimated at $69.8 billion by Forbes, is ranked as the 22nd richest person in the world.