Gautam Adani, the billionaire chairman of the Adani Group and one of the wealthiest individuals globally, has been indicted in New York for his purported involvement in a multibillion-dollar fraud and bribery operation, as reported by the U.S. Attorney’s Office for the Eastern District of New York. The indictment also names his nephew, Sagar Adani, and former CEO of Adani Green Energy, Vneet Jaain, as co-defendants.The charges allege that the accused engaged in a scheme to defraud U.S. investors and international financial institutions by hiding extensive corruption while securing over $3 billion in loans and bonds. Prosecutors claim that Adani and his associates paid $265 million in bribes to Indian government officials to obtain lucrative solar energy contracts, which are expected to generate more than $2 billion in profits over a span of twenty years.
Internal communications reportedly included code names for Gautam Adani, such as “Numero Uno” and “the big man,” while Sagar Adani is said to have utilized his cellphone to monitor the bribery payments. Additionally, prosecutors assert that encrypted messaging and documentation related to the bribes were employed to facilitate the operation.Authorities contend that Adani and his team misrepresented the company’s anti-bribery measures to investors, thereby obtaining capital under deceptive circumstances. The funds were raised through loans and bond offerings that were promoted in the U.S. and other major financial centers. U.S. Attorney Breon Peace stated, “Adani and his associates orchestrated an elaborate scheme to bribe Indian officials and deceive investors, undermining the integrity of international markets.”
The indictment further alleges that co-conspirators engaged in obstructive actions against investigations by erasing evidence, withholding critical information during internal inquiries, and providing false statements to federal authorities. FBI Assistant Director in Charge James E. Dennehy remarked, “The defendants jeopardized global financial systems while attempting to conceal their actions.”In a broader context, Adani, whose wealth is estimated at $69.8 billion by Forbes, has recently declared intentions to invest $10 billion in U.S. energy security and infrastructure, a strategy that is expected to generate approximately 15,000 jobs. This announcement was made in conjunction with his congratulatory message to President-elect Donald Trump following his electoral victory. This case marks a significant intensification of the U.S. Justice Department’s initiatives to address international corruption. Should Adani and his co-defendants be found guilty, they could face substantial penalties.
