" Billionaire Gautam Adani indicted in New York on bribery charges", 21 November 2024

Indian billionaire Gautam Adani and other executives were indicted in New York on Wednesday by US prosecutors for their alleged roles in a yearslong, multi-million-dollar bribery and fraud scheme involving plans to develop a major solar power plant.

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The Department of Justice (DOJ) said in a statement that Adani,

... and seven other executives, including his nephew Sagar Adani, promised more than $250 million in bribes to Indian government officials to secure solar energy contracts.

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The DOJ alleges the solar energy supply contracts were projected to raise more than $2 billion in profits after tax over an approximately 20-year period.

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“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,” Deputy Assistant Attorney General Lisa Miller said in the statement.

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In a parallel civil action, the Securities and Exchange Commission also charged both Adanis (as executives of Adani Green Energy Ltd) and Cyril Cabanes, an executive of Azure Power Global, for the bribery scheme that the SEC said allowed both companies to capitalize off a lucrative contract by the Indian government. The SEC said Adani Green raised more than $175 million from US investors on those misrepresentations.

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