Gautam Adani Indicted in U.S. for $250 Million Bribery Scheme Defrauding U.S. Investors

Nov 20, 2024, 09:46 PM

Indian billionaire Gautam Adani, chairman of the Adani Group and Adani Green Energy Ltd., has been indicted in New York on charges of participating in a massive fraud and bribery scheme. Adani and other senior executives, including Sagar R. Adani and Vneet S. Jaain, are accused of paying over $250 million in bribes to Indian government officials between 2020 and 2024 to secure contracts for one of the world's largest solar energy projects. The scheme allegedly defrauded U.S. investors by concealing the bribery payments and raising funds based on false statements. U.S. prosecutors from the Eastern District of New York and the Securities and Exchange Commission have filed charges against Adani and executives from both Adani Green Energy Ltd. and Azure Power Global Ltd.