Gautam Adani charged in US for ‘bribes worth $265 million to Indian govt officials’, fraud
Gautam Adani, the chairperson of the Adani Group of companies, has been indicted in the US over his role in an alleged multibillion-dollar bribery and fraud scheme involving his solar projects in India.
US prosecutors said Wednesday that Adani and seven others, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.
Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.
According to the indictment, some conspirators referred privately to Gautam Adani with the code names “Numero uno” and “the big man”, while Sagar Adani allegedly used his cellphone to track specifics about the bribes.
Adani Group has not responded to comments sought by news agency Reuters.
Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a US Securities and Exchange Commission civil case.
The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four were charged with conspiring to obstruct justice.
