A five-count indictment was unsealed in Brooklyn federal court, charging Gautam S. Adani, Sagar R. Adani, Vneet S. Jaain, and several others in connection with a multi-billion-dollar bribery and fraud scheme. The charges include conspiracy to commit securities and wire fraud, securities fraud, and obstruction of justice, involving US investors and global financial institutions.
The indictment alleges that between 2020 and 2024, the defendants orchestrated a scheme to pay over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts, projected to generate over $2 billion in profits. Gautam S. Adani personally met Indian officials to advance the scheme, while other executives documented the bribes using phones and electronic tools.
The accused allegedly misrepresented anti-corruption practices and concealed the bribery scheme while raising over $3 billion through US-based syndicate loans and bond offerings. False statements were also made in the company’s financial reports to investors and the market.
Deputy Assistant Attorney General Lisa H. Miller highlighted the scale of the alleged crimes, stating, “These offenses involved corruption and deception to secure state energy contracts, causing significant harm to US investors.”
The indictment also accuses several individuals, including Cyril Cabanes and Rupesh Agarwal, of obstructing investigations by the FBI, Department of Justice, and SEC. These efforts included deleting evidence, withholding information during internal probes, and making false statements to authorities.
The case is being prosecuted by the Eastern District of New York’s Business and Securities Fraud Section and the Justice Department’s Fraud Section. US Attorney Breon Peace emphasized the commitment to combating corruption in international markets, stating, “We will continue to hold accountable those who undermine the integrity of global financial systems.”
The charges are part of ongoing efforts by the Justice Department to enforce anti-corruption laws under the Foreign Corrupt Practices Act (FCPA). All defendants are presumed innocent until proven guilty.
