Billionaire Gautam Adani Faces Charges in New York for Large-Scale Fraud and Bribery Scheme

 Gautam Adani, the billionaire chairman of India's Adani Group, was indicted in New York federal court alongside several others in connection with an alleged multibillion-dollar fraud and bribery scheme. Adani, one of the world's richest individuals, and the co-defendants are accused of paying over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts valued at more than $2 billion.

The indictment further claims that Adani and his associates misled U.S. and international investors while raising more than $3 billion in capital for these contracts, falsely assuring them that the company adhered to anti-bribery and anti-corruption practices. Gautam Adani, his nephew Sagar Adani, and Vneet Jaain, executives from Adani Green Energy Limited, face charges of securities fraud conspiracy, wire fraud conspiracy, and securities fraud.

Also charged are Ranjit Gupta and Rupesh Agarwal, former executives at Azure Power Global, as well as Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of the Canadian investment firm Caisse de Depot et Placement du Quebec. These individuals are accused of conspiring to obstruct U.S. federal investigations into the bribery scheme and misleading investors about the company’s compliance.

The alleged illegal activities took place in India, but the case is being prosecuted in Brooklyn federal court due to actions that occurred in the Eastern District of New York, including false statements made during a bond issuance that raised capital for the solar energy contracts.

In addition, the U.S. Securities and Exchange Commission (SEC) filed civil complaints against Gautam Adani, Sagar Adani, and Cabanes. The SEC's charges focus on the alleged bribery scheme that enabled Adani Green Energy and Azure Power to secure solar energy contracts from the Indian government, resulting in over $175 million raised from U.S. investors.

Gautam Adani, whose net worth is reported to be $85 billion, has faced significant financial setbacks. In early 2023, he lost billions of dollars following a report by short-selling firm Hindenburg Research that accused the Adani Group of engaging in stock manipulation and accounting fraud. Adani strongly denied the allegations, calling them baseless.