Indian Billionaire Gautam Adani Indicted in New York over $250 Million Bribery Scheme in Solar Energy Contracts

Nov 21, 2024, 01:16 AM

Indian billionaire Gautam Adani, chairman of the Adani Group, and several other executives have been indicted in New York on charges of fraud and bribery. U.S. prosecutors allege that Adani and his associates paid more than $250 million in bribes to Indian government officials between 2020 and 2024 to secure solar energy contracts worth over $2 billion in projected profits. The scheme involved paying bribes to obtain contracts for one of the world's largest solar energy projects and concealing these payments from U.S. investors, thereby defrauding them. Other executives indicted include Sagar Adani, Gautam Adani's nephew, Vneet S. Jaain, Ranjit Gupta, and Rupesh Agarwal. The U.S. Securities and Exchange Commission has also filed parallel civil charges against the defendants.