US prosecutors in New York have indicted Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and six others for allegedly paying INR 2,029 crore (US $265 million) in bribes to secure lucrative solar energy contracts in India. The indictment accuses the group of bribing Indian government officials to compel state electricity distribution companies to enter power purchase agreements with the state-owned Solar Energy Corporation of India (SECI).

“This indictment reveals schemes involving over $250 million in bribes, deception of investors and banks, and obstruction of justice,” stated Lisa H. Miller, US Deputy Assistant Attorney General, via the Eastern District of New York’s press release.

Among the accused are Vneet Jaain, CEO of Adani Green Energy Ltd, Ranjit Gupta, former CEO of Azure Power Global Ltd, and Rupesh Agarwal, an ex-strategy officer at Azure Power. Others named include Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, with ties to a Canadian institutional investor.

Prosecutors claim that in 2020, Adani and co-conspirators devised a plan to bribe officials, including a high-ranking Andhra Pradesh official, for seven gigawatts of solar power contracts. Gautam Adani allegedly met this official three times between August and November 2021 to advance the agreements.

The Securities and Exchange Commission (SEC) has also filed related charges, accusing Adani Group executives of involvement in the massive bribery scheme. While entities and officials remain anonymized in the documents, identities are reportedly known to the Grand Jury.

An Adani Group spokesperson stated the charges are merely allegations, and the defendants are presumed innocent unless proven guilty.

In a 2021 social media post, Gautam Adani emphasized his commitment to US-India ties, pledging $10 billion in investments in US energy infrastructure, a promise now shadowed by these allegations.

US prosecutors in New York have indicted Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and six others for allegedly paying INR 2,029 crore (US $265 million) in bribes to secure lucrative solar energy contracts in India. The indictment accuses the group of bribing Indian government officials to compel state electricity distribution companies to enter power purchase agreements with the state-owned Solar Energy Corporation of India (SECI).

“This indictment reveals schemes involving over $250 million in bribes, deception of investors and banks, and obstruction of justice,” stated Lisa H. Miller, US Deputy Assistant Attorney General, via the Eastern District of New York’s press release.

Among the accused are Vneet Jaain, CEO of Adani Green Energy Ltd, Ranjit Gupta, former CEO of Azure Power Global Ltd, and Rupesh Agarwal, an ex-strategy officer at Azure Power. Others named include Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, with ties to a Canadian institutional investor.

Prosecutors claim that in 2020, Adani and co-conspirators devised a plan to bribe officials, including a high-ranking Andhra Pradesh official, for seven gigawatts of solar power contracts. Gautam Adani allegedly met this official three times between August and November 2021 to advance the agreements.

The Securities and Exchange Commission (SEC) has also filed related charges, accusing Adani Group executives of involvement in the massive bribery scheme. While entities and officials remain anonymized in the documents, identities are reportedly known to the Grand Jury.

An Adani Group spokesperson stated the charges are merely allegations, and the defendants are presumed innocent unless proven guilty.

In a 2021 social media post, Gautam Adani emphasized his commitment to US-India ties, pledging $10 billion in investments in US energy infrastructure, a promise now shadowed by these allegations.