Gautam Adani’s Indictment and Bribery Allegations

• Federal prosecutors in New York indict Adani Group Chairman Gautam S. Adani, his nephew Sagar Adani, and six others on multiple counts of fraud.

• The charges stem from an alleged multibillion-dollar scheme to bribe Indian officials in exchange for favorable solar power contracts.

• The indictment alleges schemes to pay over $250 million in bribes, lie to investors and banks to raise billions of dollars, and obstruct justice.

• The defendants include Vneet Jaain, Ranjit Gupta, Rupesh Agarwal, Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra.

• Adani Green Energy Ltd, the company at the heart of the allegations, cancelled a $600 million bond sale due to “high energy prices.”

• The U.S. case is based on the premise that Adani Green failed to disclose this information to its investors in the U.S., constituting fraud under federal securities law.