U.S. Indicts Gautam Adani for Bribery and Securities Fraud

• Gautam Adani, chairman of the Adani Group, and several associates have been indicted for bribery and securities fraud.

• The charges include promising over $250 million in bribes to Indian government officials to secure solar energy contracts, conspiracies to commit securities and wire fraud, and orchestrating a multi-billion dollar scheme to defraud U.S. investors and global financial institutions.

• The indictment was unsealed by the U.S. Attorney’s Office for the Eastern District of New York on November 20.

• The U.S. Securities and Exchange Commission (SEC) has also charged Adani and Sagar Adani, along with Cyril Cabanes, with a massive bribery scheme involving Adani Green and Azure Power.

• The SEC’s complaint could result in a “permanent injunction, a civil penalty, and an officer and director bar.”

• Adani Green Energy Ltd. has withdrawn a proposed $600-million bond issue.

• Shares of Adani Group companies lost about $27 billion in market value in the domestic markets, with an over 23% decline in its flagship, Adani Enterprises Ltd.