Indian billionaire Gautam Adani and seven senior executives have been indicted in the United States over an alleged $250 million bribery scheme to secure solar energy contracts in India.
The charges, unsealed in a Brooklyn federal court, include securities and wire fraud, violations of the Foreign Corrupt Practices Act (FCPA), and obstruction of justice.
“A five-count criminal indictment was unsealed today in federal court in Brooklyn charging Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain, executives of an Indian renewable-energy company (the Indian Energy Company), with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements,” a press release from the U.S. Attorney’s Office, Eastern District of New York said.
Adani, who was once praised by ODM leader Raila Odinga, to be a good businessman, had shown interest in running Jomo Kenyatta International AIrport and has also won other deals in Kenya’s energy sector.
“More than $250 Million in Bribes Promised to Indian Government Officials to Secure Solar Energy Contracts,” the press statement said.
The indictment accuses Adani, alongside Sagar R. Adani and Vneet S. Jaain, of orchestrating bribes to Indian government officials between 2020 and 2024. The contracts, tied to one of the world’s largest solar energy projects, were expected to generate profits exceeding $2 billion over two decades. Prosecutors allege the scheme involved false and misleading statements to U.S. investors and global financial institutions to secure more than $3 billion in loans and bond offerings.
U.S. Attorney Breon Peace said the defendants “lied to investors and banks” and engaged in “an elaborate scheme to bribe Indian government officials.” Deputy Assistant Attorney General Lisa Miller added that the defendants’ actions aimed to enrich themselves “at the expense of U.S. investors.”
Key evidence includes electronic communications and financial documents outlining bribe amounts and strategies for concealment. Some defendants allegedly obstructed U.S. investigations by deleting evidence and withholding information.
The investigation was led by the FBI’s Corporate and International Corruption Units, with support from the SEC and the Department of Justice’s Fraud Section.
This indictment casts a shadow over Adani, whose business interests extend across Asia and Africa, including Kenya, where he has sought partnerships in infrastructure and energy. The charges come amid growing global scrutiny of corporate corruption, especially in renewable energy markets.
The defendants, presumed innocent until proven guilty, face significant penalties under U.S. law. Their trial will likely have far-reaching implications for international investors and businesses tied to Adani’s conglomerate.
