Bibisha Tamang
Tue Dec 03 2024
Gautam Adani, one of the world’s wealthiest individuals and the chairman of Adani Group, has been charged in New York over his involvement in an alleged fraud and bribery operation. The indictment reveals that Adani and seven others, including his nephew Sagar Adani, allegedly agreed to pay $265 million in bribes to secure lucrative contracts that were expected to generate $2 billion in profits over two decades.
These deals were primarily focused on building the largest solar power plant in India. In addition, it is claimed that Adani and his associates raised over $3 billion by deceiving investors and lenders about the corrupt nature of their dealings.
The conspirators are said to have used code names to refer to Gautam Adani, calling him “Numero uno” and “the big man,” while Sagar Adani allegedly tracked specific details of the bribes through his cellphone.
The charges against the Adanis and Vneet Jaain, the former CEO of Adani Green Energy, include conspiracy to commit securities fraud and wire fraud. Additionally, the Adanis face a separate civil case filed by the US Securities and Exchange Commission.
Other defendants in the case are charged with conspiring to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and some are accused of obstructing justice. None of the defendants are currently in custody, and it is believed that Gautam Adani is in India.
At the time the charges were announced, early Thursday morning in India, Adani Group had not responded to the allegations, and India's embassy in Washington had not issued a statement. Legal representatives for the defendants have yet to be identified.
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