‘Gautam Adani accused of bribing officials and defrauding investors’; Case filed in US

Washington. The US Securities and Exchange Commission (SEC) has accused Adani Group founder and chairman Gautam Adani of defrauding US investors and bribing government officials. Charges have also been filed against Adani’s nephew Sagar Adani, Adani Green Energy Limited executive, and Azure Power Global Limited executive Cyril Cabanes in this case.

The SEC on Wednesday charged these individuals with conspiracy to commit securities and wire fraud and substantial securities fraud. These charges relate to a billion-dollar scheme. It is alleged that money was raised from US investors and global financial institutions by making false and misleading statements. The SEC alleged that this bribery scheme was created to take advantage of the billion-dollar solar power project given by the Government of India to Adani Green and Azure Power.

The SEC complaint said that these people were violating the anti-fraud provisions of federal securities laws. According to the SEC statement, during this scheme, Adani Green raised more than $175 million (about Rs 1,450 crore) from US investors. Azure Power’s stock was trading on the New York Stock Exchange.

The Eastern District Attorney’s Office of New York has also filed criminal charges against Gautam Adani, Sagar Adani, Cabanes and others associated with Adani Green and Azure Power. These charges include conspiracy to pay bribes in violation of the Foreign Corrupt Practices Act (FCPA). Officials say that between 2020 and 2024, Adani and his associates paid bribes of more than $250 million (about Rs 20.75 billion) to Indian government officials. The purpose of paying bribes was to acquire solar power projects. This is likely to yield a profit of more than $2 billion over the next 20 years.

Adani and his associates have been accused of deceiving investors. Apart from this, it is alleged that they tried to obstruct the investigation. FBI Assistant Director James Dennehy said that the accused have tried to interfere in the judicial process. Let us tell you that this case has now become a case of major corporate fraud and corruption in America. There are allegations of bribing Indian officials and defrauding American investors.