Adani Group Faces Bribery Charges: $265M Scandal Unfolds
25 Nov 2024
2 Min Read
CW Team
The US Securities and Exchange Commission (SEC) has summoned Adani Group founder Gautam Adani and his nephew, Sagar Adani, to address allegations of paying $265 million (?2,200 crore) in bribes to secure lucrative solar power contracts.
Summons were delivered to Gautam Adani's residence in Ahmedabad and Sagar Adani's Bodakdev address, requiring a response within 21 days. The SEC complaint, sent via the New York Eastern District Court, warns of default judgment if they fail to reply.
The indictment accuses Gautam Adani, 62, and seven others, including Sagar, a director at Adani Green Energy Ltd, of bribing Indian government officials between 2020 and 2024. The alleged scheme reportedly secured contracts projected to yield $2 billion in profit over two decades.
Alongside the SEC's charges, the US Department of Justice also indicted the Adani Group and Cyril Cabanes, an executive at Azure Power Global, citing a 鈥渕assive bribery scheme.鈥� Prosecutors claim the group misled investors while raising $2 billion in loans and bonds, including from US firms, by concealing bribery probes and misrepresenting anti-bribery policies.
In response, the Adani Group denied the allegations, asserting its commitment to governance and compliance. "We assure our stakeholders, partners, and employees that we are a law-abiding organization fully compliant with all laws," the company stated.
US Attorney Breon Peace emphasized the gravity of the charges: 鈥淭he defendants orchestrated an elaborate scheme to bribe officials and misled investors, undermining the integrity of financial markets.鈥�
The investigation, initiated in 2022, reportedly faced obstruction. If found guilty, the accused could face severe legal consequences in the US and internationally.
The US Securities and Exchange Commission (SEC) has summoned Adani Group founder Gautam Adani and his nephew, Sagar Adani, to address allegations of paying $265 million (?2,200 crore) in bribes to secure lucrative solar power contracts.
Summons were delivered to Gautam Adani's residence in Ahmedabad and Sagar Adani's Bodakdev address, requiring a response within 21 days. The SEC complaint, sent via the New York Eastern District Court, warns of default judgment if they fail to reply.
The indictment accuses Gautam Adani, 62, and seven others, including Sagar, a director at Adani Green Energy Ltd, of bribing Indian government officials between 2020 and 2024. The alleged scheme reportedly secured contracts projected to yield $2 billion in profit over two decades.
Alongside the SEC's charges, the US Department of Justice also indicted the Adani Group and Cyril Cabanes, an executive at Azure Power Global, citing a 鈥渕assive bribery scheme.鈥� Prosecutors claim the group misled investors while raising $2 billion in loans and bonds, including from US firms, by concealing bribery probes and misrepresenting anti-bribery policies.
In response, the Adani Group denied the allegations, asserting its commitment to governance and compliance. We assure our stakeholders, partners, and employees that we are a law-abiding organization fully compliant with all laws, the company stated.
US Attorney Breon Peace emphasized the gravity of the charges: 鈥淭he defendants orchestrated an elaborate scheme to bribe officials and misled investors, undermining the integrity of financial markets.鈥�
The investigation, initiated in 2022, reportedly faced obstruction. If found guilty, the accused could face severe legal consequences in the US and internationally.
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