Sagar Adani, the nephew of Indian billionaire Gautam Adani, is one of seven defendants charged in a U.S. indictment related to an alleged bribery and fraud scheme. The charges are connected to a renewable energy project in India, where Adani and others are accused of paying bribes to secure contracts.
Alleged Bribery Scheme
According to U.S. authorities, Gautam Adani and the other defendants conspired to pay around $265 million in bribes to Indian government officials. The bribes were allegedly intended to secure contracts for a solar energy project in India. The Adani Group has denied the allegations, calling them baseless, and has stated it will pursue “all possible legal recourse.”
Who is Sagar Adani?
Family Background: Sagar Adani is the son of Rajesh Adani, Gautam Adani’s brother. He has been with the Adani Group since its early years.
Career Role: He serves as the executive director at Adani Green Energy, where his father is also a director.
Education and Experience: Sagar joined the Adani Group in 2015 after earning a degree in economics from Brown University in the U.S. He is credited with helping expand Adani Green Energy’s solar and wind energy sectors.
Leadership Role: Sagar oversees the company’s strategic, financial, and structural development, according to the company’s official website.
Future Prospects: Bloomberg reports that Sagar is one of four potential successors to Gautam Adani, alongside his sons Karan and Jeet Adani and their cousin Pranav Adani.
Charges Against Sagar Adani
Sagar Adani, along with his uncle Gautam Adani, is accused of being involved in a scheme to secure a solar energy project in India. The charges also include misleading investors during a $750 million bond offering, which raised around $175 million from U.S. investors.
U.S. authorities claim that Sagar, Gautam, and others worked together to bribe Indian officials, aiming to win contracts for the development of India’s largest solar power plant. The project is expected to generate around $2 billion in profit over the next 20 years.
Legal Proceedings
It is still uncertain whether Sagar and Gautam Adani will appear in U.S. court. They may attempt to have the indictment dismissed without traveling to the U.S. According to a spokesperson for U.S. Attorney Breon Peace in Brooklyn, none of the defendants are in custody at the moment.