Adani Group Faces SEC Charges Over Alleged Multi-Billion-Dollar Bribery Scheme

The SEC has charged Adani Group's Gautam Adani and other executives with orchestrating an alleged bribery scheme to secure solar project contracts in India. This has led to significant financial movements involving U.S. investors. Adani Group has strongly refuted these allegations, promising to explore all legal avenues.

The United States Securities and Exchange Commission (SEC) has taken action against the Adani Group, led by Chairman Gautam Adani, following claims of an alleged bribery scheme. The charges were made public on Thursday, implicating not only Gautam Adani but also Sagar Adani and Cyril Cabanes, a top executive at Azure Power Global Ltd.

According to the SEC, the alleged bribery was orchestrated to enable the involved companies to benefit from a multi-billion-dollar solar energy project awarded by the Indian government. The complaint details that Adani Green raised over $175 million from U.S. investors while Azure Power's shares were actively traded on the New York Stock Exchange.

The accusations suggest that Gautam and Sagar Adani facilitated payments or promises of payments to Indian officials to ensure energy purchases at inflated prices. SEC's Acting Director of Enforcement, Sanjay Wadhwa, emphasized that firm action will be taken against those breaching securities laws. Amidst these charges, the Adani Group has firmly denied all allegations, terming them baseless and vowing to undertake all legal measures available.

(With inputs from agencies.)