What We Know About Gautam Adani’s Indictment in $265 Million Bribery Case

Billionaire industrialist Gautam Adani has been charged in the United States in connection with an alleged bribery and fraud scheme involving $265 million.

According to US prosecutors, Adani, his nephew Sagar Adani, and six other defendants are accused of paying bribes to Indian government officials to secure solar energy supply contracts.

The US Securities and Exchange Commission (SEC) has indicted Adani and others in New York for allegedly violating the Foreign Corrupt Practices Act (FCPA). The charges were filed in the US District Court for the Eastern District of New York.

An official press release highlighted that “during the alleged scheme, Adani Green raised over $175 million from US investors, while Azure Power’s stock was traded on the New York Stock Exchange.”

Prosecutors claim that the bribery occurred during a September 2021 note offering by Adani Green, which raised $750 million, including $175 million from US investors.

The SEC’s complaint alleges that Adani Green’s offering materials contained false statements about anti-corruption measures, misleading US investors.

The SEC also implicated Cyril Cabanes, a former member of Azure Power’s Board of Directors, as a participant in the bribery scheme.