US Prosecutors Charge Gautam Adani and Others in Alleged Solar Energy Bribery Case

A federal indictment has been unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian businessman Gautam Adani and several associates with alleged involvement in a bribery and fraud scheme, according to US prosecutors and Reuters.

The five-count indictment accuses Gautam Adani, Sagar R. Adani, and Vneet S. Jaain of conspiring to commit securities and wire fraud, as well as substantive securities fraud. The charges stem from an alleged multi-billion-dollar scheme to obtain funds from US investors and global financial institutions through false and misleading statements.

Former executives of a renewable-energy company, Ranjit Gupta and Rupesh Agarwal, along with Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra—former employees of a Canadian institutional investor—are also charged with conspiring to violate the Foreign Corrupt Practices Act.

US Attorney Breon Peace alleged the defendants orchestrated a scheme to bribe Indian government officials to secure lucrative contracts, benefiting their businesses. He further claimed that Adani and others misled US and global investors about the bribery while raising capital. FBI Assistant Director James Dennehy added that the defendants obstructed investigations by the FBI, Department of Justice (DOJ), and Securities and Exchange Commission (SEC).

The charges include allegations of bribery, fraud, and obstruction of justice, with the case handled by the US Attorney’s Business and Securities Fraud Section and the Criminal Division’s Fraud Section.

The US Attorney’s office emphasized that the charges are allegations, and the defendants are presumed innocent unless proven guilty. The investigation was led by the FBI’s Corporate, Securities and Commodities Fraud and International Corruption Units.

There has been no response yet from Gautam Adani or the other defendants named in the indictment.