In a stunning development that could shake the foundations
of one of India’s most influen-
tial business empires, Indian
billionaire Gautam Adani has
been charged by U.S. federal
prosecutors in connection with a
sprawling bribery scheme aimed
at securing lucrative government
contracts. Adani, the 62-year-old
chairman of the Adani Group,
has been indicted in New York
on charges of securities fraud,
alongside seven others, including
executives from his energy sub-
sidiaries and former employees
of a prominent Canadian pension
fund.
The charges stem from alle-
gations that Adani and his associ-
ates orchestrated a years-long
plot to bribe Indian officials in
exchange for favorable terms on
solar power contracts, which
were projected to yield more
than $2 billion in profit. Between
2020 and 2024, more than $250
million in bribes were reportedly
offered to Indian government
officials, a scheme that U.S.
authorities say was meticulously
concealed from American banks
and investors.
The case has set off a storm in
the financial world, with shares
in Adani Group companies
plummeting across the board. On
Thursday, Adani Enterprises, the
conglomerate’s flagship company,
saw a 22 percent drop in its stock
price, while Adani Green Energy
and Adani Ports also suffered
heavy losses. The scandal has
come at a particularly sensitive
time for Adani, whose group
had just begun recovering from
allegations of stock market ma-
nipulation and accounting fraud
made by the U.S. short-seller firm
Hindenburg Research last year—
claims that Adani vehemently
denied.
The latest charges paint a dis-
turbing picture of corruption at
the highest levels of business and
government. Prosecutors claim
that Adani personally met with
Indian officials to “advance” the
scheme, which involved securing
state energy supply contracts
through bribery and fraud.
Extensive documentation of
these corrupt efforts—including
emails, mobile phone records,
PowerPoint presentations,
and Excel spreadsheets—was
allegedly found by investigators,
revealing how the bribes were
planned and concealed.
In addition to Adani, the in-
dictment names several others
involved in the conspiracy,
including his nephew, Sagar
Adani, who is an executive at one
of the family’s renewable energy
ventures. Three former employ-
ees of the Canadian pension
fund CDPQ, which holds stakes
in Adani companies, were also
charged for obstructing an inves-
tigation into the bribery scheme,
accused of deleting emails and
providing false information to
the U.S. government.
The U.S. Securities and Exchange
Commission (SEC) has also filed
a parallel civil lawsuit, alleging
that the bribery was intended to
secure commitments from the
Indian government to purchase
energy at above-market rates—
thus benefiting Adani Green and
Azure Power, two key companies
in the group’s renewable energy
portfolio.
This indictment marks a signifi-
cant escalation in the legal woes
of the Adani Group, which has
long enjoyed close ties to Indian
Prime Minister Narendra Modi.
As the case unfolds, questions are
bound to arise about the extent
of political influence and corpo-
rate malfeasance involved. For
Adani, already grappling with a
tarnished reputation, this could
prove to be a defining moment in
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