Gautam Adani, chairman of the Adani Group and one of the world’s wealthiest individuals, has been indicted in New York for an alleged multibillion-dollar fraud scheme.
US prosecutors say the charges involve over $250 million in bribes paid between 2020 and 2024 to Indian government officials for solar energy contracts expected to generate $2 billion in profits.
Adani and executives Sagar Adani (his nephew) and Vneet Jaain face accusations of orchestrating the bribery scheme through Adani Green Energy. The company reportedly secured over $3 billion in loans and bonds using false and misleading information.
Five additional individuals, including executives from another renewable energy firm and employees of a Canadian institutional investor, were charged with conspiracy. Arrest warrants have been issued for Gautam Adani and Sagar Adani, with prosecutors seeking assistance from foreign law enforcement.
Seven defendants are Indian citizens, while the eighth, Cyril Cabanes, is a dual French-Australian citizen residing in Singapore. The US Securities and Exchange Commission (SEC) has also filed civil charges against Gautam Adani, Sagar Adani, and Cabanes.
The Adani Group has yet to comment on the charges, and India’s embassy in Washington has not responded to inquiries. Forbes estimates Gautam Adani’s net worth at $69.8 billion, ranking him the 22nd richest person globally.
