Sentinel Digital Desk
Adani Group founder and chairman, Gautam Adani, alongside seven other executives, has been indicted in the United States on charges of securities fraud, wire fraud, and violations of the Foreign Corrupt Practices Act (FCPA). The indictment claims they orchestrated a bribery scheme to secure solar energy contracts in India.
The defendants are accused of paying over $265 million in bribes to Indian government officials between 2020 and 2024 to secure lucrative energy contracts projected to generate over $2 billion in post-tax profits across two decades.
Adani's response to the allegations
The Adani Group strongly denied the allegations, calling them baseless. A spokesperson stated that the company is committed to the highest standards of governance and regulatory compliance, rejecting the claims made by the US authorities.
Bribery and Corruption Allegations
Prosecutors claim that Gautam Adani personally met with Indian officials to advance the bribery plot. Evidence includes electronic communications, spreadsheets, and photographs tracking the bribe payments made by the accused.
Legal Proceedings and Future Steps
Arrest warrants have been issued for Gautam and Sagar Adani. Prosecutors are seeking international law enforcement assistance. The case remains under investigation by the US Department of Justice and the Securities and Exchange Commission.