Gautam Adani, Chairman of Indian conglomerate Adani Group, speaks at the inaugural session of Vibrant Gujarat Global Summit 2024 in Gandhinagar on January 10, 2024.
Puneet Paranipet | AFP | Getty Images
Gautam AdaniChairman of India adani group The group and one of the world’s richest men have been indicted in federal court in New York along with other defendants in an alleged multibillion-dollar fraud scheme, authorities said Wednesday.
The U.S. Attorney’s Office in Brooklyn said in a press release that Adani and other defendants are accused of agreeing to pay more than $250 million in bribes to Indian government officials to obtain “lucrative solar power supply contracts with the Indian government.”
The contracts are expected to generate more than $2 billion in after-tax profits over 20 years. Adani allegedly met with Indian government officials on multiple occasions as part of a bribery scheme, prosecutors said.
Adani and two other defendants, his nephews Sagar Adani and Vneet Jaain, both executives of Adani Green Energy Ltd., are also accused of conspiring to commit wire transfers Fraud and securities fraud to obtain funds from U.S. investors and international lenders.
“The defendants orchestrated an elaborate scheme to bribe Indian government officials to obtain contracts worth billions of dollars, and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise funds from U.S. and international investors.
This photo, taken on January 12, 2024, shows a worker walking past a row of solar panels at Adani Group’s Kafda Renewable Energy Park.
Puneet Paranipet | AFP | Getty Images
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