
US indicts Gautam Adani in $250 M bribery case for Indian solar contracts
- Gautam Adani charged with $250M bribery in Indian solar contracts.
- US prosecutors allege illegal payments and investor fraud by Adani Group.
- Case raises concerns about governance in emerging markets.
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Billionaire Gautam Adani and several top executives from Adani Group have been charged by US prosecutors for their alleged involvement in a $250 million bribery scheme.
The accusations include making illegal payments to Indian government officials to secure lucrative solar energy contracts, while concealing these activities from US investors.
The charges were filed in Brooklyn, New York, where prosecutors claimed the scheme defrauded investors by raising capital based on false statements.
The allegations have brought fresh scrutiny to Adani Group, one of India’s most prominent conglomerates.
$250 million in bribes for solar contracts
Copy link to sectionAccording to US Attorney Breon Peace for the Eastern District of New York, the defendants “orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.”
The scheme reportedly involved funneling over $250 million in illegal payments to ensure favorable treatment for solar energy projects awarded by the Indian government.
Prosecutors allege that the contracts, which were worth billions, gave Adani Group an unfair competitive advantage in India’s renewable energy sector.
These actions, they claim, misled US investors who had funded the company’s energy ventures.
US investigation into Adani Group’s conduct
Copy link to sectionThe charges are part of an ongoing investigation by US authorities into the Adani Group’s operations.
Reports suggest that investigators have been examining whether improper payments were made to Indian officials in exchange for preferential treatment on energy projects.
This latest development comes amid broader questions about the conduct of Gautam Adani, one of India’s wealthiest individuals, and the governance practices within his business empire.
Potential fallout for Adani Group and global investors
Copy link to sectionIf proven, the charges could have significant implications for Adani Group, its investors, and its operations.
With a market value exceeding $100 billion and interests spanning infrastructure, energy, and transportation, the conglomerate is a major player in India’s economic landscape.
The allegations also raise concerns about compliance and transparency for companies with global investors.
The case highlights the risks associated with potential misconduct in emerging markets, where large-scale infrastructure projects often involve close government interactions.
Adani Group has yet to issue an official response to the charges.
However, legal and financial experts believe the case could lead to regulatory scrutiny in other jurisdictions where the company operates.
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