Gautam Adani Indicted in New York on Fraud and Bribery Charges
Indian billionaire and chairman of the Adani Group, Gautam Adani, has been charged in New York for his alleged involvement in a multibillion-dollar fraud and bribery scheme. According to U.S. prosecutors, between 2020 and 2024, Adani, along with his nephew Sagar Adani and former CEO of Adani Green Energy Vneet Jaain, conspired to pay over $250 million in bribes to Indian government officials to secure solar energy contracts valued at $2 billion in profits over 20 years.
Key Allegations
The indictment accuses Adani and other defendants of:
- Using bribes to obtain contracts for India’s largest solar power projects.
- Misleading investors and lenders, raising over $3 billion through loans and bonds while concealing corrupt activities.
- Employing tactics to obstruct justice, including using code names like “Numero Uno” to refer to Adani.
The charges include securities fraud, wire fraud conspiracy, and violations of the U.S. Foreign Corrupt Practices Act. Arrest warrants for Gautam and Sagar Adani have been issued, but neither is currently in custody, as Adani is believed to be in India.
Broader Implications
The Adani Group, already under scrutiny following a 2023 report by Hindenburg Research alleging corporate malpractices, now faces heightened global attention. The earlier report had wiped out over $150 billion in the conglomerate’s market value. This indictment could further damage investor confidence and fuel opposition claims about political favoritism under Indian Prime Minister Narendra Modi’s administration, as Adani is often seen as a close ally of Modi.
Legal and Political Reactions
The U.S. Attorney for the Eastern District of New York emphasized the commitment to curbing corruption in international markets, stressing the significance of transparency for investors. Meanwhile, Indian officials and Adani’s legal representatives have not yet issued detailed responses.
This case marks one of the most high-profile criminal accusations against a global billionaire and highlights growing international scrutiny of corporate governance and corruption in India.
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