Gautam Adani US Indictment: Who are the seven others charged with defrauding American investors?

Gautam Adani and others indicted by SEC for fraud, bribery, and corruption in solar energy project scandal.

Gautam Adani along with seven others that includes his nephew Sagar Adani have been indicted by the U.S. Securities and Exchange Commission (SEC) with fraud, bribery, and corruption for allegedly defrauding American investors and bribing officials. As per the SEC, the bribery scheme was orchestrated to enable renewable energy companies Adani Green and Azure Power to capitalise on a multi-billion-dollar solar energy project awarded by the Indian government.

Gautam Adani U.S. indictment LIVE updates

A total amount of $265 million was to be paid in bribes to Indian government officials to obtain contracts that were expected to yield a profit of approximately $2 billion over the period of 20 years while developing India’s largest solar power plant project. Vneet Jaain, former CEO of Adani Green Energy had allegedly raised more than $3 billion in loans and bonds as well.

Sagar S. Adani

Sagar Adani is a nephew of Gautam Adani and was the Executive Director Adani Green Energy, the firm against whom the US SEO has initiated a probe. The US court has charged Sagar of trying to bribe officials of various state-owned power distribution companies in order to get contracts to supply solar power to the region. The court accused Sagar of using his mobile phone to track specific details of the bribes offered and promised to government officials.

Vineet Jain aka Vneet S. Jaain

Jaain was the Chief Executive Officer of the Adani Green Energy from July 2020 through May 2023 and the Managing Director of the firm’s Board of Directors from July 2020 through the present. A five-count criminal indictment was unsealed against him in the federal court for allegedly committing securities and wire fraud.