Gautam Adani indicted in U.S.: What do we know so far?

Gautam Adani indicted for bribery and fraud in U.S. court, along with seven others, impacting solar energy projects. Follow The Hindu for details.

A U.S. court has indicted Gautam Adani, his nephew Sagar Adani and six others on charges of duping investors and bribery. 

Gautam Adani U.S. indictment LIVE updates - November 21, 2024

Gautam Adani, one of the world’s richest individuals, has been indicted by the U.S. Securities and Exchange Commission on charges of deceiving investors by concealing that his company’s major solar energy project on the subcontinent was being facilitated through an alleged bribery scheme.

Prosecutors claim that Adani and his co-defendants orchestrated a bribery scheme starting in 2020 or 2021. The goal was to help renewable energy companies, Adani Green and Azure Power, secure a multi-billion-dollar solar energy project awarded by the Indian government. The complaint accuses them of violating federal securities antifraud provisions and seeks permanent injunctions, civil penalties, and bans from serving as officers or directors.

The U.S. court document said Mr. Adani won contracts in state-owned power generation companies of Chhattisgarh, Tamil Nadu, Jammu & Kashmir, Odisha and Andhra Pradesh.

The U.S. court noted that Sagar Adani “tracked specific details of the bribes offered”, including the state or region for which government officials had been offered a bribe, the total amount of the offered bribe, and approximate amount of solar power the state or region would agree to purchase in exchange for the bribe.

The documents also claim that the Adanis falsified records to secure billions of dollars in investments from U.S. stock markets.