RNS: Industrialist Gautam Adani, chairman of the Adani Group, has been charged with bribery and fraud in the United States, in connection with a multi-billion-dollar scheme to secure lucrative contracts for his renewable energy business. The charges also involve his nephew, Sagar Adani, and other executives of the conglomerate.
According to media reports, Adani and his associates allegedly conspired to pay $265 million in bribes to Indian officials in exchange for securing contracts worth billions of dollars for Adani’s companies. The U.S. Attorney’s Office for the Eastern District of New York outlined the charges, stating that the defendants not only bribed government officials but also misled investors in the U.S. and abroad while raising capital for their operations.
U.S. Attorney Breon Peace condemned the actions, saying, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and lied about the bribery scheme as they sought to raise capital from U.S. and international investors.” He emphasized his office’s commitment to rooting out corruption in the global marketplace, adding, “We are dedicated to protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets.”
The charges further allege that Adani personally met with Indian officials to discuss the bribery arrangement. Critics have long suggested that Adani, a prominent billionaire with strong ties to Indian Prime Minister Narendra Modi, may have used these connections to secure advantageous deals.
Following the announcement of the charges, the stock prices of Adani Group companies took a significant hit. On Thursday, shares of Adani Enterprises dropped by 20%, while Adani Green Energy fell by 19.17%, Adani Power by 17.79%, and other major subsidiaries also saw declines of up to 18%.
This legal development comes shortly after Adani made a public statement on November 13, announcing a $10 billion investment in U.S. energy security and infrastructure projects. The billionaire also congratulated U.S. President-elect Donald Trump, emphasizing the potential for job creation in the U.S. as part of the Adani Group’s long-term plans.
The U.S. Securities and Exchange Commission (SEC) has also charged Adani, accusing him of defrauding American investors and bribing officials to advance his business interests. In addition to Gautam Adani, charges have been filed against his nephew Sagar Adani, executives at Adani Green Energy, and Cyril Cabanes, for their roles in the fraudulent scheme.
Prosecutors revealed that Adani was referred to in the conspiracy as “Numero Uno” or “The Big Man,” further suggesting the scale of the operation.
In India, the opposition Congress party has seized on the charges, linking Adani’s alleged actions to his close ties with Prime Minister Modi. The party, which has long accused the government of protecting Adani from scrutiny, posted on X (formerly Twitter): “Congress has consistently called for an investigation into Adani and the scandals surrounding him. But Modi continues to shield him. The reason is clear – if Adani is investigated, every link will point back to Narendra Modi.”
The Adani Group has yet to comment on the charges.
As the case unfolds, it could have significant repercussions for both Adani’s business empire and India’s political landscape, particularly given the ongoing controversy over his ties to the Indian government.
