Gautam Adani and Nephew Sagar Adani Indicted in US Over Bribery Allegations
New York: US prosecutors have indicted Gautam Adani, chairman of the Adani Group, along with his nephew Sagar Adani and six others, accusing them of offering bribes worth ₹2,029 crore (approximately $265 million) to Indian government officials. The alleged scheme aimed to secure lucrative solar energy supply contracts with state electricity distribution companies.
The indictment, filed in the Eastern District of New York, charges the defendants with multiple offenses, including bribery, falsifying financial records, defrauding investors, and obstructing justice. The allegations include coordinated efforts to mislead investors and banks to raise billions of dollars while concealing bribes.
In communication between the accused and alleged conspirators, Gautam Adani was reportedly codenamed “SAG,” “Mr. A,” “Numero Uno,” and “The Big Man.” US Deputy Assistant Attorney General Lisa H. Miller stated, “This indictment alleges schemes to pay over $250 million in bribes, deceive investors, and obstruct the justice process.”
The case has sent shockwaves through financial markets, with shares of public sector lenders exposed to Adani Group falling sharply. Indian authorities have yet to respond officially to the indictment.
The Adani Group, a global conglomerate with significant stakes in energy, infrastructure, and logistics, is now facing increased scrutiny as this development unfolds. Observers expect this case to have far-reaching implications for the group’s operations and its reputation globally.