Bribery for solar energy contracts

The SEC alleged that the bribery scheme was orchestrated to enable renewable energy companies Adani Green and Azure Power to capitalise on a multi-billion-dollar solar energy project awarded by the Indian government.

The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars.

During the alleged scheme, Adani Green raised more than USD 175 million from US investors and Azure Power’s stock was traded on the New York Stock Exchange, the SEC said in a statement.