SEC announcements and press releases

Gautam Adani Charged in $250M Fraud Scheme Over Solar Energy Contracts

Nov 20, 2024, 09:06 PM

Gautam Adani, the chair of India's Adani Group and one of the world's richest individuals, has been indicted in New York on charges of orchestrating a multi-billion-dollar fraud scheme. Adani, along with executives Sagar Adani, Vneet Jaain, and Cyril Cabanes of Adani Green Energy Ltd. and Azure Power Global Ltd., is accused of paying more than $250 million in bribes to Indian government officials to secure solar energy contracts. The scheme allegedly involved concealing these payments from U.S. investors, defrauding them by raising funds based on false statements. The U.S. Securities and Exchange Commission (SEC) has also filed parallel charges against Adani and other executives in what is described as a 'massive bribery scheme.'