Indian billionaire Gautam Adani has been indicted in New York for his alleged involvement in a multibillion-dollar fraud scheme, according to U.S. prosecutors.
On November 20, 2024, U.S. authorities charged Adani, along with two executives from Adani Green Energy—his nephew Sagar Adani and Vneet Jaain—with agreeing to pay over $250 million in bribes to Indian government officials between 2020 and 2024. The bribes were allegedly paid to secure solar energy supply contracts projected to bring in $2 billion in profits.
Prosecutors also stated that the renewable energy company raised more than $3 billion in loans and bonds during this period based on false and misleading information.
Five others were charged with related criminal conspiracy, including executives from another renewable energy company and three employees from a Canadian institutional investor.
The Adani Group denied the charges, calling the allegations from the U.S. Department of Justice and the U.S. Securities and Exchange Commission “baseless” and promising to pursue all available legal avenues.
Following the U.S. indictments, Adani Group companies saw a dramatic $28 billion drop in market value on Thursday morning. Adani Green Energy also canceled a planned $600 million bond sale. The company’s shares plummeted 17%, while other firms within the group saw losses exceeding 10%.
Court records indicate that arrest warrants have been issued for both Gautam Adani and Sagar Adani, and prosecutors plan to involve foreign law enforcement to carry out the arrests.
The case involves alleged violations of the U.S. Foreign Corrupt Practices Act, which targets bribery.
Seven of the eight defendants are Indian citizens residing in India, with the eighth, Cyril Cabanes, being a dual French-Australian citizen living in Singapore.
The U.S. Securities and Exchange Commission has filed separate civil charges against Gautam Adani, Sagar Adani, and Cabanes, who is also identified as an executive at Azure Power Global.
With an estimated net worth of $69.8 billion, Gautam Adani is ranked as the world’s 22nd richest person and India’s second-richest individual, according to Forbes.
