Official announcements from U.S. Department of Justice or SEC

U.S. Indicts Gautam Adani for $265 Million Bribes in Solar Contract Fraud Scheme

Nov 21, 2024, 03:46 AM

Billionaire Gautam Adani, chairman of India's Adani Group, has been indicted in New York on charges of fraud, securities fraud, and wire fraud conspiracy. U.S. prosecutors and the Securities and Exchange Commission allege that Adani and other executives, including his nephew Sagar Adani, orchestrated a scheme between 2020 and 2024 to pay over $265 million in bribes to Indian government officials, including $228 million to a high-ranking Andhra Pradesh official, to secure solar energy contracts. The alleged scheme aimed to secure contracts projected to generate more than $2 billion in profits while concealing the bribes from U.S. investors.