LIVE | Adani offered ex-Andhra CM Jagan $200 billion bribe: US panel
Adani, 7 other execs charged with bribing Indian officials to secure lucrative contracts, defrauding US investors by making false statements
The US Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly running a $250 million bribery scheme and defrauding American investors.
Accusing Adani and seven other executives of bribing Indian officials to land lucrative contracts, the federal prosecutors have alleged that on several occasions the business tycoon himself met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution.
Adani, 62, his nephew Sagar Adani, 30, executives of Adani Green Energy Ltd, and Cyril Cabanes, an executive of Azure Power Global Ltd were charged on Wednesday (November 20) with conspiracy to commit securities and wire fraud, as well as substantive securities fraud, for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions through false and misleading statements.
Also read: Hindenburg claims $310 mn frozen in Swiss bank a/c, Adani Group rejects allegations
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- 21 Nov 2024 9:40 AM IST
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.
