Gautam Adani Indicted in Multibillion-Dollar Fraud Scheme

Gautam Adani, head of Adani Group, is accused in New York of a massive fraud involving $250 million in bribes for Indian solar energy contracts. Charges implicate Adani and others, resulting in potential $2 billion profits. Arrest warrants and SEC civil charges add layers to this major legal battle.

Gautam Adani, the chairman of the prominent Indian conglomerate Adani Group, has been caught in a legal web as he faces an indictment in New York. Accusations suggest his involvement in a multibillion-dollar fraud scheme, announced by U.S. prosecutors on Wednesday.

Adani, alongside two other executives from Adani Green Energy, is alleged to have orchestrated a bribery spree from 2020 to 2024 to secure solar energy supply contracts. The scheme reportedly involved over $250 million in bribes to Indian officials, aiming for contracts promising $2 billion in profits. The company reportedly garnered more than $3 billion in financial support based on deceptive claims.

The legal repercussions extend beyond Adani Group, implicating five additional individuals for conspiracy, including executives from another renewable energy firm and Canadian investor firm employees. Despite the gravity of these charges, Adani Group has not yet issued a statement. Both the Indian embassy in Washington and the U.S. SEC have been drawn into the complex judicial proceedings against this backdrop of corporate intrigue.

(With inputs from agencies.)