Billionaire chair of Adani Group Gautam Adani has been indicted by US prosecutors for his alleged role in a sprawling bribery and fraud scheme. Authorities in New York allege that Adani, alongside his nephew Sagar Adani and several other associates, orchestrated payments totaling USD 265 million in bribes to Indian government officials to secure lucrative contracts.
The agreements were tied to the development of India’s largest solar power project, expected to yield USD 2 billion in profits over 20 years.
The indictment accuses the Adanis and former Adani Green Energy CEO Vneet Jaain of using fraudulent means to raise more than USD 3 billion through loans and bonds, concealing their corrupt practices from financial institutions and investors.
Prosecutors revealed that Gautam Adani was referred to by insiders using the code names "Numero Uno" and "the big man," while Sagar Adani allegedly monitored the bribes through his cellphone. Arrest warrants have been issued for both Adanis, though they are believed to be in India, with U.S. authorities planning to involve foreign law enforcement.
The charges, which include securities fraud and wire fraud conspiracy, have also led to a civil case filed by the US Securities and Exchange Commission. Other individuals implicated include former executives of Azure Power Global and a director from Caisse de Depot et Placement du Quebec, a Canadian institutional investor. The allegations also extend to violations of the Foreign Corrupt Practices Act and obstruction of justice.
The timing of the indictment coincides with Adani Group’s recent announcement of a USD 600 million green bond sale, an effort to strengthen its financial position following previous controversies.
The company had already faced severe scrutiny in early 2023 after US short-seller Hindenburg Research accused it of improper use of offshore tax havens and other financial irregularities. That report triggered a stock market rout, wiping out around USD 150 billion in market value from Adani Group’s companies.
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