New York authorities have issued an arrest warrant against Gautam Adani, one of the world’s wealthiest individuals, in connection with alleged irregularities linked to a solar power project. The warrant also names Adani’s nephew, Sagar Adani, and seven others as accused.
Allegations of Bribery and Fund Misuse
According to officials, the Adani Group is alleged to have paid bribes amounting to $265 million over two decades to secure profits from India’s largest solar power plant project, valued at $2 billion. The bribes were reportedly paid to Indian government officials to expedite the project.
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Prosecutors claim the company provided misleading information to international and U.S.-based investors to raise funds. Adani Green Energy’s former CEO, Vineet Jain, along with another executive, is accused of securing loans and bonds exceeding $3 billion from various investors. Additionally, Sagar Adani is alleged to have used his cell phone to monitor the bribery transactions.
SEC Files Civil Case
The U.S. Securities and Exchange Commission (SEC) has filed a civil case against Gautam Adani, Sagar Adani, and Vineet Jain, accusing them of violating U.S. securities laws by raising over $175 million from American investors. Five other individuals are charged under the Foreign Corrupt Practices Act (FCPA) for conspiring to violate U.S. anti-bribery laws, while four face allegations of obstructing justice.
Additional Allegations in India
The Adani Group is also facing allegations of coercing state governments in India to purchase solar power from its projects. Reports suggest that in 2021, Rs 1,750 crore was allegedly paid as bribes to officials in the Andhra Pradesh government to finalize agreements.