Gautam Adani Indicted in $265 Million Bribery & Fraud Scheme in the US
Gautam Adani, the billionaire chairman of Adani Group, has been charged in New York for his alleged role in a massive bribery and fraud scheme. US prosecutors revealed that Adani, along with seven other defendants, including his nephew Sagar Adani, are accused of paying around $265 million in bribes to Indian officials. These bribes were meant to secure lucrative contracts, potentially yielding $2 billion in profits over 20 years, including the development of India’s largest solar power plant.
Prosecutors also claim that Adani Group executives, including former CEO Vneet Jaain, raised over $3 billion in loans and bonds by hiding corruption from investors.
The charges include securities fraud, wire fraud, and violations of the Foreign Corrupt Practices Act (FCPA). The Adanis and Jaain are also facing civil charges in a US Securities and Exchange Commission case. The remaining defendants face charges related to bribery and obstruction of justice.
Adani Group, which has not commented on the charges, is a major conglomerate involved in energy, mining, and infrastructure sectors. Gautam Adani is valued at $69.8 billion, making him the 22nd richest person globally and India’s second richest.
The charges come just hours after Adani raised $600 million by selling green bonds. This also follows the controversy sparked by a 2023 report from Hindenburg Research, accusing Adani of financial wrongdoing, which caused a significant drop in Adani Group stocks.
Adani’s future investments are under scrutiny in response to these legal challenges, especially after a recent announcement that he plans to invest $10 billion in US energy projects, potentially creating 15,000 jobs.
This indictment is a major blow to Adani’s reputation, highlighting the risks of global business ventures where corruption is alleged. International investors and officials are now closely watching the unfolding case.
