Billionaire Gautam Adani Charged In US With Bribery, Fraud All You Need To Know

Nov 21, 2024 Komal Das

Gautam Adani, the billionaire chair of Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme

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Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project

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Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors

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According to an indictment, some conspirators referred privately to Gautam Adani with the code names “Numero uno” and “the big man,” while Sagar Adani allegedly used his cellphone to track specifics about the bribes

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Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a U.S. Securities and Exchange Commission civil case

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The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a U.S. anti-bribery law, and four were charged with conspiring to obstruct justice

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The 62-year-old Adani is worth $69.8 billion according to Forbes magazine, and one of the few billionaires formally accused in the United States of criminal wrongdoing

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His fortune makes him the world’s 22nd-richest person, and second richest in India behind Reliance Industries Chair Mukesh Ambani, Forbes said

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He founded Adani Group in 1988 as a commodities trading firm, and built a business empire that has included airports, shipping ports, power generation, energy transmission and mining companies

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The charges were announced hours after Adani on Wednesday raised $600 million by selling 20-year “green” bonds

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Indian Prime Minister Narendra Modi, also from Gujarat, has been accused by political opponents of protecting Adani and his companies, including from Hindenburg’s accusations

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