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Trouble has intensified for Gautam Adani following a recent indictment by US prosecutors, who have accused the Adani Group chairman and his nephew, Sagar Adani, along with six others, of paying bribes totaling Rs 2,029 crore ($265 million) to Indian government officials. The bribes were allegedly paid between 2020 and 2024 to secure lucrative solar power contracts with state electricity distribution companies.
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The US prosecutors claim that the Adani Group concealed these payments from US banks and investors, whom they raised billions from for their solar energy projects. The group had anticipated making $2 billion in profits from these contracts. While the bribery charges are linked to Indian officials, US law permits the prosecution of such cases if they involve US investors or markets.
In response, the Adani Group has vehemently denied the accusations, calling them baseless and announcing its intent to pursue legal action. The charges come a year after a damaging report by US short-seller Hindenburg Research, which accused the Adani Group of stock manipulation and accounting fraud, resulting in a $150 billion loss in the group’s market value.
The case also brings focus to Adani’s leadership role, with Gautam Adani named as the founder and chairperson of the company at the center of the controversy, Adani Green Energy.
