Gautam Adani indicted in the US over bribery and fraud

Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and six others were indicted by US prosecutors on Wednesday over an alleged Rs. 2,029 crore bribery case.

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Adani and others had allegedly offered bribes to Indian government officials to secure lucrative solar energy supply contracts with state electricity distribution companies. The case pertains to a deal between Adani Green Energy and a U.S. firm that involved selling 12 gigawatts of solar power to various states.

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A press release issued by the US attorney’s office states, “This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice.”

The press release further states, “…between approximately 2020 and 2024, the defendants agreed to pay more than $250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts with the Indian government, which were projected to generate more than $2 billion in profits after tax over an approximately 20-year period (the Bribery Scheme). On several occasions, Gautam S Adani personally met with an Indian government official to advance the Bribery Scheme…”

The US Securities and Exchange Commission has also charged Adani.

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