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Billionaire Gautam Adani and several executives at his company, India’s Adani Group, have been charged over an alleged scheme to pay more than $250 million in bribes to Indian officials in exchange for contracts for a 12-gigawatt solar project.
the Indictmentwhich was unsealed Wednesday in federal court in Brooklyn, accuses Adani, his nephews Sagar Adani and Vineet Jain of conspiracy to commit securities fraud, wire fraud and substantive securities fraud as part of an effort to raise money in the United States to build “one of the largest projects in the world,” the Justice Department said. Solar energy in the world.
“The defendants hatched an elaborate scheme to bribe Indian government officials to obtain contracts worth billions of dollars,” US Attorney Bryon Pace said in a statement.
Also named in the indictment are Ranjit Gupta and Rupesh Agarwal, former executives of Azure Power, and Cyril Cabanis, Saurabh Agarwal, and Deepak Malhotra, former employees of Canadian institutional investor Caisse de Depot et Placement du Quebec.
Along with the indictment issued by the Department of Justice, the Securities and Exchange Commission Also charged Gautam Adani, Sagar Adani, and Cabanes, also a former board member of Azure Power Global, for participating in a bribery scheme and violating federal anti-fraud laws in raising $175 million from U.S. investors.
The Adanis allegedly told investors that Adani Green Bonds had a “robust anti-bribery compliance program” and that the company “would not pay or promise to pay bribes,” said Sanjay Wadhwa, acting director of the SEC’s Enforcement Division. He said In a statement.
Adani Group was the focus of a Hindenburg Research Investigations Published in 2023, it alleged that the conglomerate conducted a “massive fraud in broad daylight” and that it hid and laundered money through a series of shell companies set up in countries including Cyprus, the United Arab Emirates and Singapore.
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