Indian Billionaire Gautam Adani Indicted in $265 Million Bribery Scheme
Gautam Adani, one of the world’s wealthiest individuals, has been charged by U.S. authorities with securities fraud and conspiracy. The indictment alleges Adani concealed a $265 million bribery scheme related to his company’s massive solar energy project in India.
Adani’s company, Adani Green Energy Ltd., secured a lucrative contract to sell 12 gigawatts of solar power to the Indian government. However, U.S. prosecutors claim Adani and his co-defendants deceived Wall Street investors by portraying the project as legitimate while secretly paying bribes to Indian officials.
The indictment names Adani’s nephew, Sagar Adani, and former executive director Vneet Jaain as co-defendants. They allegedly misrepresented Adani Green Energy’s anti-bribery compliance program to investors.
Gautam Adani’s net worth is estimated at $85.5 billion, making him the 19th richest person globally. His conglomerate, Adani Group, has interests in coal, defense, infrastructure, and renewable energy.
This development follows previous allegations of “brazen stock manipulation” and “accounting fraud” against Adani and his company by a U.S.-based financial research firm.
The U.S. Securities and Exchange Commission has filed parallel civil charges against Adani and his co-defendants, seeking monetary penalties and sanctions.
