New Delhi: US prosecutors have indicted Indian billionaire Gautam Adani and his nephew Sagar Adani for their alleged roles in a $265 million bribery scheme designed to secure advantages in renewable energy projects. The indictment accuses Adani Green and Azure Power executives of bribing Indian officials and misleading US investors while raising billions for their solar energy initiatives.
The case involves allegations of corruption between 2020 and 2024, including misleading claims about anti-corruption policies. In 2021, Adani Green raised $750 million through a note offering, with $175 million sourced from US investors, based on purportedly deceptive assurances about its ethical practices. The bribes reportedly facilitated tenders awarded by the Solar Energy Corporation of India (SECI) for large-scale solar projects across Indian states.
US authorities revealed details of the bribery operations, alleging that Sagar Adani tracked payments via his mobile phone, while meetings held in 2022 involved Gautam Adani outlining strategies to offer bribes. Records showed attempts to repay bribes through manipulated financial transactions, including project transfers disguised as fees.
In March 2023, FBI agents confiscated electronic evidence from Sagar Adani during their investigation into violations of the Foreign Corrupt Practices Act, securities fraud, and wire fraud.
The Adani Group denied all allegations, calling them baseless, and pledged to explore legal remedies. While potential settlements with US authorities remain an option, the group faces significant scrutiny, and if convicted, executives could face asset forfeiture linked to the alleged offences.
