Adani Group Executives Indicted in U.S. for Alleged Fraud Scheme

The chairperson of the Indian conglomerate Adani Group, Gautam Adani, along with two other executives from the company, has been indicted in a New York federal court. This development arises from allegations of their involvement in a multi-billion-dollar fraud scheme, as reported by authorities on Wednesday.

The other defendants named in the indictment include Sagar Adani and Vneet Jaain, both executives at Adani Green Energy Limited. According to the U.S. Attorney's Office in Brooklyn, the three accused are alleged to have been complicit in a conspiracy to commit wire fraud and securities fraud. These charges are connected to their efforts in securing funds from investors in the United States as well as international lenders, allegedly through «false and misleading statements.”

U.S. Attorney Breon Peace stated that the defendants «orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.» Furthermore, Gautam S. Adani, Sagar R. Adani, and Vneet S. Jaain are accused of concealing this alleged bribery when attempting to raise capital from investors both in the U.S. and internationally.

Images from the Adani Group-owned Khavda Renewable Energy Park, taken on January 12, 2024, show operations continuing amidst this controversy. The Khavda facility is part of Adani’s expansive renewable energy projects in India.

Further updates are anticipated as this story develops.