Indian billionaire Gautam Adani has been indicted in the United States on multiple charges, including bribery and securities fraud. The U.S. Department of Justice announced that Adani, along with seven other executives, allegedly orchestrated a scheme involving over $250 million in bribes to Indian officials to secure lucrative solar energy contracts. The indictment, unsealed on November 20, 2024, claims that the defendants misled investors and financial institutions to obtain billions in funding while concealing their corrupt practices.
The charges stem from actions taken between 2020 and 2024, during which Adani and his associates purportedly conspired to pay bribes to facilitate contracts projected to generate over $2 billion in profits. The U.S. Attorney’s Office stated that the defendants employed deceptive tactics to attract investments from U.S. and international investors while simultaneously engaging in corrupt practices.
In addition to the criminal indictment, the U.S. Securities and Exchange Commission has filed civil fraud charges against Adani and his nephew, Sagar Adani. The SEC’s complaint highlights the alleged use of falsified financial information to lure investors into purchasing bonds issued by Adani Green Energy Ltd., a subsidiary of the Adani Group.
As a result of these allegations, arrest warrants have been issued for Gautam Adani and his associates. The case is expected to proceed to trial, where the defendants will have the opportunity to present their defence against the serious accusations.
The fallout from this indictment could have significant implications for Adani’s business empire, which has faced scrutiny following previous allegations of fraudulent activities.