Gautam Adani, the billionaire chairman of the Adani Group and one of the world’s wealthiest individuals, has been indicted in New York for his alleged role in a multibillion-dollar fraud and bribery scheme, according to the US Attorney’s Office for the Eastern District of New York. The charges also implicate his nephew, Sagar Adani, and former Adani Green Energy CEO Vneet Jaain.
The indictment accuses the defendants of orchestrating a scheme to defraud US investors and global financial institutions by concealing widespread corruption while raising more than $3 billion in loans and bonds. Prosecutors allege that Adani and his co-conspirators paid $265 million in bribes to Indian government officials to secure lucrative solar energy contracts projected to yield over $2 billion in profits across two decades.
In internal communications, conspirators allegedly referred to Gautam Adani using code names like “Numero Uno” and “the big man,” while Sagar Adani reportedly used his cellphone to track details of the bribery payments. Prosecutors further allege that encrypted messaging and bribe-tracking documents were used to manage the scheme.
Authorities say Adani and his team misrepresented the company’s anti-bribery practices to investors, securing capital under false pretenses. The funds were raised through loans and bond offerings marketed in the US and other financial hubs. “Adani and his associates orchestrated an elaborate scheme to bribe Indian officials and deceive investors, undermining the integrity of international markets,” said US Attorney Breon Peace.
The indictment also accuses co-conspirators of obstructing investigations by deleting evidence, withholding information during internal probes, and lying to federal authorities.
“The defendants jeopardized global financial systems while attempting to conceal their actions,” said FBI Assistant Director in Charge James E. Dennehy.
This case represents a notable escalation in the US Justice Department’s efforts to combat international corruption. If convicted, Adani and his co-defendants face severe penalties.
Separately, the US Securities Exchange Commission (SEC) charged Gautam and Sagar Adani and Cyril Cabanes, a former director on the Azure Power board, with FCPA violations. It also accused them of raising money from investors based in the US on “false and misleading statements” that they were not involved in bribery.
Charges baseless, we’ll seek legal recourse: Group
Adani Group dismissed allegations of bribery levelled against it as ‘baseless’. “As stated by the Department of Justice itself, charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. All possible legal recourse will be sought,” said a group spokesperson.
Kenya junks $2.6bn airport, energy deals
Kenya President William Ruto said he had cancelled airport expansion and energy deals worth a combined $2.5 billion with Adani Group after the US bribery and fraud indictments.
