Gautam Adani, chairman of Indian conglomerate Adani Group, addresses a gathering during the Vibrant Gujarat Global Summit 2024 on January 10, 2024 in Gandhinagar, Gujarat.
Puneet Paranjape | AFP | Getty Images
Gautam Adani, the head of India’s Adani Group and one of the world’s richest men, was indicted in New York along with others in an alleged multibillion-dollar fraud scheme, officials said Wednesday.
The U.S. attorney’s office in Brooklyn said Adani, 62, and seven other defendants are accused of bribing Indian government officials to the tune of $250 million to obtain “lucrative solar power supply contracts with the Indian government.” Agreed to pay more bribe.
These contracts were estimated to generate more than $2 billion in after-tax profits over two decades.
Adani, who is Asia’s second-richest man, allegedly met in person with an Indian government official on several occasions as part of the alleged bribery scheme, which spanned from 2020 to 2024, prosecutors said. .
Adani and two other defendants, his nephew Sagar Adani, 30, and Vineet Jain, 53, an executive at Adani Green Energy Ltd., are also charged with conspiring to allegedly mislead U.S. and international investors. There is blame. As corrupt practices they tried to collect capital from these investors.
Adani Green Energy raised more than $2 billion from a group of lenders comprising US investors and international lenders to fund the Indian government’s energy supply contracts, and two more than $1 billion. Bond offerings that were underwritten by international financial institutions that were marketed and sold in the United States. and elsewhere, prosecutors said.
A worker walks past rows of solar panels at Adani Group-owned Khawda Renewable Energy Park, Khawda, India on January 12, 2024.
Puneet Paranjape | AFP | Getty Images
The five-count indictment unsealed Wednesday also charged Ranjit Gupta and Roopash Agarwal, former executives of renewable energy company Azure Power, and three former employees of the Canadian institutional investor. Caisse de Depot et Placement du Quebec — Cyril Cabins, Saurabh Aggarwal and Deepak Malhotra — with conspiracy to violate the Foreign Corrupt Practices Act in connection with Adani’s bribery scheme.
Cabins, Saurabh Agarwal, Malhotra and Roopash Agarwal are also charged with conspiring to obstruct a criminal and Securities and Exchange Commission investigation into the bribery scheme.
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