New York - Indian billionaire Gautam Adani and several executives have been indicted by US federal prosecutors in New York on charges of securities fraud, alleging a complex bribery scheme involving more than $250 million in bribes to Indian government officials between 2020 and 2024.
The 62-year-old chairman of Adani Group, a vocal supporter of Prime Minister Narendra Modi, faces allegations of paying bribes to secure favorable solar power contracts projected to generate over $2 billion in profits. His nephew Sagar Adani, an executive director at the group's renewables company, is also among the defendants.
US prosecutors claim the scheme was deliberately concealed from US banks and investors. The Securities and Exchange Commission (SEC) alleges that the bribes were designed to secure the Indian government's commitment to purchase energy at above-market rates, benefiting Adani Green and Azure Power.
The indictment includes three former employees of Canadian pension fund CDPQ, a shareholder in Adani companies, who are accused of obstructing the investigation by deleting emails and agreeing to provide false information.
Prosecutors presented evidence of the alleged corruption, including documentation on mobile phones, PowerPoint presentations, and Excel spreadsheets detailing bribe payment methods.
This latest legal action threatens to revive the reputational crisis triggered by Hindenburg Research's accounting fraud allegations last year, which Adani Group previously dismissed as an "attack on India."
Adani, who rose from a Gujarat-based trader to become Asia's richest man in 2022, has built a diverse industrial empire spanning ports, mining, airports, and renewable energy. The group has not yet responded to requests for comment.
The case highlights ongoing concerns about corporate governance and potential conflicts of interest in India's rapidly expanding private sector.
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