US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, threatening to throw the Indian tycoon’s conglomerate back into turmoil just as it rebounded from a short-seller’s fraud allegations.
Federal prosecutors alleged on Wednesday that Adani, one of the world’s richest people, and other defendants promised to pay more than $250 million in bribes to Indian government officials to win solar energy contracts, and concealed the plan as they sought to raise money from US investors. The five-count indictment also accuses Gautam’s nephew Sagar R. Adani and Vneet S. Jaain, both executives at an Indian renewable-energy company, of breaking federal laws.
In addition to being a monolithic presence in India, with ports, airports, power lines and highway developments, Adani Group attracts capital from around the world. Beyond the Justice Department investigation, Adani has been dealing with claims from short-seller Hindenburg Research that the conglomerate manipulated its stock price and committed accounting fraud. The group has vigorously denied those allegations and its shares climbed back from their initial plunge caused by the report.
The SEC, which is a civil law enforcement agency, provided detailed allegations against both Adanis and another one of the co-defendants, Cyril Sebastien Dominique Cabanes, in a parallel lawsuit. The regulator identified the firm involved in the alleged bribery scheme, which wasn’t named in the indictment, as Adani Green Energy Ltd.
A lawyer listed by the SEC as representing Cabanes didn’t immediately respond to a request for comment. A representative for Azure Power Global didn’t immediately respond to a request for comment outside of normal business hours.
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