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Billionaire Gautam Adani and several executives at his fellowship , the Indian pudding stone Adani Group , have been indicted over an alleged scheme to pay more than $ 250 million in bribes to Indian official in exchange for contracts to a 12 gigawatt solar major power project .
Theindictment , unsealed Wednesday in federal court in Brooklyn , charges Adani , his nephew Sagar Adani , and Vneet Jaain with conspiracy to dedicate security and telegram hoax and substantive securities fraud as part of an effort to raise money in the U.S. to build in India “ one of the world ’s large solar vigour projection , ” the Department of Justice said .
“ The defendants orchestrated an elaborate scheme to corrupt Indian political science officials to batten contracts worth billions of dollars , ” U.S. attorney Breon Peace said in a argument .
Also named in the indictment were Ranjit Gupta and Rupesh Agarwal , former executives of Azure Power , and Cyril Cabanes , Saurabh Agarwal , and Deepak Malhotra , former employees of Canadian institutional investor Caisse de Depot et Placement du Quebec .
Alongside the Department of Justice indictment , the SECalso chargedGautam Adani , Sagar Adani , and Cabanes , also a former plug-in member for Azure Power Global , for their participation in the bribery scheme and for offend Union antifraud laws in raising $ 175 million from U.S. investors .
The Adanis allegedly told investor that Adani Green bonds had a “ robust anti - bribery compliancy program ” and the company “ would not ante up or forebode to pay bribe , ” Sanjay Wadhwa , acting managing director of the SEC ’s Division of Enforcement , saidin a statement .
The Adani Group was the focus of aHindenburg Research investigationpublished in 2023 , which alleged the conglomerate operated “ a large , fragrant humbug in all-encompassing daytime ” and that it hide and laundered money through a serial of shell companies set up in country such as Cyprus , the UAE , and Singapore .
