Indian Billionaire Gautam Adani Indicted for ‘Massive Fraud' and ‘Multi-Billion Dollar' Bribery Scheme
Indian billionaire Gautam Adani has been indicted in New York for 'massive fraud' and a 'multi-billion dollar' bribery scheme, according to multiple reports Wednesday afternoon.
According to NBC, Gautam Adani and others are accused of paying over $250 million in bribes to Indian officials to secure solar energy contracts expected to yield $2 billion in profits over 20 years. Prosecutors allege Adani personally met with officials as part of the scheme.
Adani, his nephew Sagar Adani, and Vneet Jaain, both Adani Green Energy executives, also face wire and securities fraud charges for misleading U.S. investors and lenders to obtain funding, the U.S. Attorney's Office in Brooklyn stated.
U.S. Attorney Breon Peace commented: 'The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors.'
A DOJ press release reads: 'These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of U.S. investors. The Criminal Division will continue to aggressively prosecute corrupt, deceptive, and obstructive conduct that violates U.S. law, no matter where in the world it occurs.'
'Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses. Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government's investigation,' stated FBI Assistant Director in Charge Dennehy. 'The FBI maintains its steadfast mission to expose all corrupt agreements, especially with international governments, and protect investors from related harm.'
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