Gautam Adani Indicted in Fraud Scheme #

Indian billionaire Gautam Adani, along with several executives, has been indicted in New York over their roles in a multi-billion-dollar fraud scheme involving solar energy contracts. Adani and seven other senior business figures, including his nephew, are charged with offering over $250 million in bribes to Indian government officials to secure these contracts.

The scheme was designed to deceive investors and banks by raising billions of dollars based on false pretenses and obstructing justice. Adani, Asia’s second-richest person, personally engaged with an Indian government official to advance this scheme, which took place between 2020 and 2024.

The solar energy contracts were estimated to generate over $2 billion in profits after taxes over 20 years. Evidence suggests the defendants meticulously documented the bribery efforts through various digital means, including cell phones and electronic documents, detailing numerous bribe payments and strategies for concealment.

Efforts were made to hide these activities from US investors to secure financing for solar energy projects obtained through fraudulent means. Additional charges were filed in a parallel action concerning the involvement of senior executives from Adani Green Energy Ltd and another firm. Through these activities, Adani Green raised over $175 million from US investors based on misrepresented data.

Previously, Adani faced accusations of stock manipulation and accounting fraud, which led to a significant drop in his fortune. Despite the allegations, Adani continues to be a key figure in various sectors including ports, power, media, and clean energy. His close association with the Indian Prime Minister and the origins of his business empire in diamond trading and commodity business in 1988 are notable aspects of his career.