US Prosecutors Charges Gautam Adani & Others In Solar Bribery Case

A 5-count criminal indictment has been unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian business executives, including Gautam Adani, Chairman of the Adani Group, in connection with an alleged bribery and fraud scheme.

The U.S. Attorney’s Office for the Eastern District of New York revealed that Gautam Adani, along with Sagar R. Adani and Vneet S. Jaain, faces charges of conspiracy to commit securities and wire fraud, as well as substantive securities fraud.

The alleged multi-billion-dollar scheme involved securing funds from U.S. investors and global financial institutions through false and misleading statements.

Former executives of a renewable-energy firm traded on the New York Stock Exchange, Ranjit Gupta and Rupesh Agarwal, were also charged, alongside former employees of a Canadian institutional investor—Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra.

These individuals face accusations of conspiring to violate the Foreign Corrupt Practices Act as part of the bribery scheme.

U.S. Attorney Breon Peace said, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars. Gautam S. Adani, Sagar R. Adani, and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”

Peace further emphasized that the defendants undermined the integrity of international financial markets, defrauding both U.S. and global investors.

FBI Assistant Director James Dennehy stated, “The business executives allegedly bribed the Indian government to finance lucrative contracts for their companies. They also defrauded investors by raising capital based on false statements, while others attempted to conceal the conspiracy by obstructing the government’s investigation.”

The indictment accuses the defendants of obstructing investigations led by the FBI, Department of Justice (DOJ), and Securities and Exchange Commission (SEC).

The FBI’s New York Corporate, Securities and Commodities Fraud and International Corruption Units spearheaded the investigation.

The case is being managed by the U.S. Attorney’s Office Business and Securities Fraud Section and the DOJ’s Criminal Division Fraud Section.

The U.S. Attorney’s Office clarified that the charges are allegations, and all defendants are presumed innocent until proven guilty.

As of now, neither Gautam Adani nor the other accused have responded to the charges.

Read More: Supreme Court, Delhi High Court, States High Court, International