Gautam Adani, an Indian entrepreneur, one of the world's richest men, has been charged in the US with defrauding investors by allegedly hiding information that his major solar energy initiative in India was promoted through a suspected bribery scheme. Was given.
Federal prosecutors in New York unveiled the indictment on Wednesday, charging Adani with securities fraud and conspiracy to commit securities and wire fraud. The case relates to a lucrative deal involving Adani Green Energy Ltd and another company to supply 12 gigawatts of solar power to the Indian government, enough to light millions of homes and businesses.
The indictment accuses Adani and his co-defendants of misleading Wall Street investors about the integrity of the project, which attracted billions of dollars over five years, while allegedly circumventing the Indian government to secure substantial contracts and financing. A plan was made to bribe officials worth $265 million.
Deputy Assistant Attorney General Lisa Miller said the defendants' goal was to “obtain and finance large-scale state energy supply contracts through corruption and fraud at the expense of American investors.”
U.S. Attorney Brion Peace said the defendants orchestrated a complex scheme to “enrich themselves at the expense of the integrity of our financial markets.”
In a related civil lawsuit, the US Securities and Exchange Commission accused Adani and two co-defendants of violating anti-fraud provisions of US securities laws, seeking monetary penalties and other sanctions. Both cases were filed in Brooklyn federal court.
Adani's co-defendants include his nephew Sagar Adani, a director on the board of Adani Green Energy, and Vineet Jain, the company's chief executive from 2020 to 2023 and currently its managing director.
Sanjay Wadhwa, acting director of the SEC's Division of Enforcement, said Gautam and Sagar Adani allegedly misled investors into purchasing bonds by falsely claiming that Adani Green had a strong anti-bribery compliance program and that senior management was involved in bribery. Will not done.
An important figure in the world's most populous country, Adani made his fortune in the coal industry in the 1990s. Adani Group is now spread across various sectors ranging from defense equipment manufacturing to road construction and cooking oil sales.
Recently, the Adani Group has invested heavily in renewable energy, promoting sustainable development. With a clean energy portfolio of over 20 GW, including a giant solar power plant in Tamil Nadu, the group aims to dominate India's renewable energy sector by 2030. In 2022, Gautam Adani announced an investment of $70 billion in clean energy projects by 2032.
Francis Ibifo
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