By Gautam Adani, the billionaire chairman of India’s Adani Group and one of the world’s wealthiest individuals, has been indicted in New York on charges of orchestrating a multibillion-dollar bribery and fraud scheme involving India’s largest solar power project, federal prosecutors announced Wednesday.
The 62-year-old business magnate, along with his nephew Sagar Adani and six other defendants, allegedly orchestrated approximately $265 million in bribes to Indian government officials to secure contracts promising $2 billion in profits over two decades. Prosecutors claim the defendants concealed their corruption from lenders and investors while raising more than $3 billion through loans and bonds.
Court documents reveal conspirators used code names “Numero uno” and “the big man” when referring to Gautam Adani in private communications. Sagar Adani allegedly tracked bribe details using his cellphone. Both Adanis face charges of securities fraud, securities fraud conspiracy, and wire fraud conspiracy, alongside parallel civil charges from the Securities and Exchange Commission.
The criminal charges extend to five other defendants for allegedly violating the Foreign Corrupt Practices Act, with four facing additional obstruction of justice charges. Among those charged are Vneet Jaain, former CEO of Adani Green Energy, and former Azure Power Global executives Ranjit Gupta and Rupesh Agarwal. Cyril Cabanes, a dual French-Australian citizen representing Canadian institutional investor Caisse de Depot et Placement du Quebec, also faces criminal charges.
None of the defendants is currently in custody, according to a spokesperson for U.S. Attorney Breon Peace in Brooklyn. Arrest warrants have been issued for both Adanis, with prosecutors planning to coordinate with foreign law enforcement for their execution.
The indictment comes at a crucial moment for Adani, who just hours earlier had raised $600 million through a green bond sale. The charges follow nearly two years after U.S. short-seller Hindenburg Research’s allegations of improper offshore tax haven use triggered an approximate $150 billion decline in Adani Group stock values.
Adani, who built his empire from a commodities trading firm founded in 1988 into a conglomerate spanning airports, ports, power generation, and mining, ranks as the world’s 22nd-richest person with a Forbes-estimated fortune of $69.8 billion. Last week, he announced plans to invest $10 billion in U.S. energy infrastructure while congratulating President-elect Donald Trump on his victory.
The case has political implications in India, where Prime Minister Narendra Modi’s opponents have accused him of protecting Adani’s interests, allegations Modi dismisses as “lies and abuses.” Both Modi and Adani hail from Gujarat state, where the businessman began his career after dropping out of school at age 16.
The Adani Group and India’s embassy in Washington did not immediately respond to requests for comment. Legal representation for the defendants has not yet been identified.
