Gautam Adani faces US charges in $250M bribery scandal
Indian billionaire Gautam Adani, chairman of the Adani Group, faces US charges for an alleged bribery scheme linked to solar power contracts. The charges accuse Adani and his associates of paying over $250 million in bribes between 2020 and 2024 to Indian officials in exchange for favorable terms on energy contracts.
US prosecutors indicted Adani along with seven others, including executives from Adani’s subsidiaries and former employees of a Canadian pension fund. Among the defendants is Adani’s nephew, Sagar Adani, who is an executive at a renewable energy company within the group. The bribes were allegedly concealed from US banks and investors who helped raise billions for the Adani Group.
The scheme involved securing above-market rates for energy purchases from India’s government, benefiting Adani Green and Azure Power, two companies in the group’s renewable energy sector. In a parallel civil lawsuit, the US Securities and Exchange Commission (SEC) claims Adani misled US investors, saying Adani Green had an anti-bribery compliance program, which it allegedly didn’t.
Prosecutors highlighted how the defendants meticulously documented their efforts, using mobile phones, spreadsheets, and PowerPoint presentations. They accused the defendants of obstructing investigations by deleting crucial emails and providing false information. The charges add to ongoing concerns over Adani’s business practices, following last year’s allegations of stock manipulation and accounting fraud by Hindenburg Research.
Adani Green, involved in one of the world’s largest solar projects in Gujarat, had raised $175 million from US investors during the period of the alleged scheme. Gautam Adani, who has expanded his conglomerate into diverse sectors, has denied all allegations.
The charges coincide with rising political pressure in India, with opposition leader Rahul Gandhi calling for a probe into Adani’s connections with the Indian government and his business practices. Meanwhile, Adani Group continues to deny any wrongdoing, maintaining its focus on global expansion, including investing $10 billion in US energy projects.
