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A fresh plea has been filed in the Supreme Court seeking an investigation into alleged bribery involving Gautam Adani and others, following the Hindenburg Report. The petition criticizes the Securities and Exchange Board of India (SEBI) for not disclosing findings from a court-ordered probe into stock manipulation and related-party transaction violations, raising concerns about investor trust. It also points to discrepancies in Adani Green's communications regarding a Department of Justice investigation.
Gautam Adani, founder and chairman of the Adani Group, along with his nephew Sagar, has been summoned by the US SEC regarding allegations of paying approximately $265 million in bribes to secure solar power contracts. The summons, sent to their residences in Ahmedabad, requires a response within 21 days, warning that failure to do so may result in a default judgment against them.
Gautam and Sagar Adani were aware of a U.S. investigation into alleged bribery when they sold a stake in India's largest solar park to TotalEnergies, according to prosecutors. The sale occurred after Adani Green Energy secured a major solar order, just before the alleged improper payments to officials began. U.S. prosecutors have charged eight individuals, including the Adanis, with making improper payments to ensure the project's success.
Indian billionaire Gautam Adani and his nephew Sagar have been indicted for allegedly bribing officials in a $265 million scheme to secure power-supply contracts. The fallout has led to a significant drop in Adani Group's market value, with shares plummeting and Kenya canceling a major airport deal with the conglomerate. U.S. authorities claim the Adanis misled investors while raising over $3 billion by concealing corruption.
Gautam Adani, chairman of the Adani Group, faces bribery charges in the U.S. for the second time in two years. Federal prosecutors in New York have indicted him, his nephew Sagar Adani, and six others, alleging a scheme involving over $250 million in bribes to Indian officials and efforts to mislead investors and banks.
The Adani Group has disclosed a US anti-bribery investigation, following an FBI raid on Sagar Adani, a nephew of Gautam Adani, nearly a year prior. The US Department of Justice has indicted Sagar and Gautam Adani for allegedly violating the Foreign Corrupt Practices Act by bribing Indian officials. In a March 2024 bond issuance document, Adani Green acknowledged the investigation but did not specify any potential probes against its promoters.
The US Justice Department has charged Gautam Adani and several associates with a scheme involving over $250 million in bribes to Indian officials, linked to a problematic 2020 power contract with the Solar Energy Corporation of India. The allegations threaten Adani's $169 billion empire and present a significant challenge for Prime Minister Narendra Modi, while the conglomerate has denied the claims, asserting compliance with all laws and intent to pursue legal recourse.
India's Adani Group has vehemently denied U.S. allegations of bribery and fraud involving its chairman, Gautam Adani, following an indictment in a New York federal court. The charges claim over $250 million in bribes were paid to secure solar energy contracts worth more than $2 billion in profits. In response, the company emphasized its commitment to governance and regulatory compliance, stating that all claims are "baseless" and that it will pursue all legal avenues to address the allegations.
Adani Group's market capitalization plummeted by Rs 2.2 lakh crore on November 21, with stocks falling up to 20% following US bribery charges against Gautam Adani. Prosecutors allege he and other executives paid over $250 million in bribes to secure solar energy contracts, violating federal laws while raising $1.36 billion from American investors. Just hours before the allegations, Adani raised an additional $600 million through green dollar bonds from US investors.
Shares of Adani Group plummeted after chairman Gautam Adani was indicted in a New York federal court for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts. Adani Enterprises fell 10%, while Adani Green Energy dropped 17.28%. The indictment also implicated two executives from Adani Green Energy and several former employees of Azure Power Global, amid ongoing scrutiny following previous allegations of accounting fraud by Hindenburg Research.
Sagar Adani
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