Bribery Storm: The Adani Empire Under Siege

Gautam Adani and key associates have been indicted by U.S. prosecutors for involvement in a $265 million bribery scheme. The charges relate to a project involving Adani Green Energy and Azure Power, with alleged bribes to Indian officials. The Adani Group denies the allegations, citing compliance with all laws.

Gautam Adani, an influential Indian billionaire, faces serious allegations in the United States linked to a $265 million bribery scheme. The case has sent shockwaves throughout the Adani conglomerate, marking its second major crisis in just two years.

Indictments by U.S. prosecutors target Adani, his nephew Sagar Adani, and former Adani Green Energy Ltd CEO Vneet Jaain for breaching securities and wire fraud laws. Additionally, the U.S. Securities and Exchange Commission (SEC) has filed a civil case against them. Cyril Cabanes, an Azure Power Global Ltd executive, faces similar charges. Both the Adani Group and Azure Power have responded by denying the allegations or not answering requests for comment.

The conspiracy allegedly dates back to a large solar power contract between Adani Green Energy and others during 2019-2020. SECI's contractual struggles led to accusations that Adani and associates offered bribes to secure state electricity deals. U.S. authorities are scrutinizing these transactions, with claims of over $3.5 billion raised using deceptive statements about Adani Green's practices between 2021-2024.

(With inputs from agencies.)