U.S. prosecutors have indicted Indian billionaire Gautam Adani and seven others for allegedly orchestrating a $265 million bribery scheme to secure lucrative solar energy contracts in India. This marks a fresh crisis for the Adani Group, already under scrutiny in recent years.
The indictment, issued by the U.S. Attorney’s Office for the Eastern District of New York, accuses Adani and his associates of paying over $250 million in bribes to Indian officials between 2020 and 2024. The alleged scheme aimed to secure solar energy contracts through state-run Solar Energy Corporation of India (SECI).
“This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,” said U.S. Deputy Assistant Attorney General Lisa H. Miller.
Key defendants include Adani’s nephew, Sagar Adani, and Vneet Jaain, CEO of Adani Green Energy Ltd. Others named are former Azure Power executives and international associates.
Prosecutors claim the group misled U.S. investors to fund the scheme. “These offenses were allegedly committed at the expense of U.S. investors,” noted Breon Peace, U.S. Attorney for the Eastern District of New York.
Adani is accused of personally meeting Indian officials to advance the alleged bribery. The U.S. Securities and Exchange Commission has also charged several defendants in connection to the scheme.
This case underscores U.S. authorities’ commitment to prosecuting corruption affecting American investors, regardless of where it occurs.
