What Is Solar Energy Contract Bribery Case in Which Gautam Adani Has Been Indicted? What Are the Charges Against Adani Group Chairman?
Gautam Adani, chairman of Adani Group, has been indicted in the US for his alleged involvement in a multi-billion-dollar bribery and fraud scheme.
Mumbai, November 21: Gautam Adani, chairman of Adani Group, has been indicted in the US for his alleged involvement in a multi-billion-dollar bribery and fraud scheme. On November 20, US prosecutors unveiled the charges, accusing Adani and seven other individuals of orchestrating a multi-billion-dollar bribery scheme to secure government contracts in India. The US Securities and Exchange Commission (SEC) alleges that the group paid over USD 250 million in bribes to Indian officials to obtain lucrative deals, including significant solar energy contracts.
The indictment reveals a series of serious charges against Adani, including conspiracy to commit securities and wire fraud, along with obstruction of justice. The alleged bribery scheme was designed to raise capital from US investors by misleading them about the true nature of the business dealings. With Adani’s global reputation now at stake, the case raises questions about the integrity of international business practices. Gautam Adani and Others Charged by US SEC in Alleged Solar Energy Contract Bribery Case.
What Is Solar Energy Contract Bribery Case?
The Solar Energy Contract Bribery Case involves allegations that Gautam Adani and other executives from the Adani Group bribed Indian government officials to secure lucrative solar energy contracts, defrauding US investors in the process. According to a report by the US Department of Justice (DOJ), the defendants are accused of paying over USD 250 million in bribes to Indian officials between 2020 and 2024, with the aim of obtaining contracts worth billions. The scheme reportedly involved misleading US financial institutions and investors, securing more than USD 3 billion in loans and bonds under false pretences. US Charges Billionaire Gautam Adani With Defrauding Investors, Hiding Plan To Bribe Indian Officials in Alleged Solar Energy Contract Bribery Case.
What Are the Charges Against Gautam Adani?
Gautam Adani, along with several associates, faces multiple serious charges in connection with a multi-billion-dollar bribery and fraud scheme. According to the DOJ report, Adani and his colleagues are accused of conspiring to defraud US investors and bribe Indian government officials to secure lucrative solar energy contracts. The charges include conspiracy to commit securities and wire fraud, substantive securities fraud, and obstruction of justice.
Specifically, Adani, his nephew Sagar Adani, and executive Vneet Jaain, along with associates like Ranjit Gupta, Cyril Cabanes, and others, are accused of paying over USD 250 million in bribes to Indian officials between 2020 and 2024. The DOJ report also highlights how they misled investors and used fraudulent statements to raise over USD 3 billion in financing, all while attempting to conceal their illegal activities from authorities.
The charges against Gautam Adani and his associates mark a significant legal challenge for the Indian billionaire following previous allegations in the Hindenburg Research case. The US Securities and Exchange Commission has also filed civil charges, and arrest warrants have been issued for Adani and his nephew.
(The above story first appeared on LatestLY on Nov 21, 2024 08:53 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).