Why Is Gautam Adani Indicted? Adani and other executives have been accused of offering INR 2,029 crore in bribes to government officials for securing lucrative solar energy supply contracts

The US Department of Justice has indicted Gautam Adani, founder, Adani Group, his nephew Sagar Adani, and other six senior executives for an alleged fraud of INR 2,029 crore.

"This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice. 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," noted a press release issued by the US Attorney's Office, Eastern District of New York, quoting US Deputy Assistant Attorney General Lisa H Miller.

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 other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government's investigation, stated FBI Assistant Director in Charge Dennehy.

The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty, the release added.

As alleged in the indictment, between approximately 2020 and 2024, the defendants agreed to pay more than $250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts with the Indian government, which were projected to generate more than $2 billion in profits after tax over an approximately 20-year period. The defendants frequently discussed their efforts in furtherance of the Bribery Scheme, including through an electronic messaging application, according to the Bribery Analyses .

Refuting the claims, an Adani Group spokesperson said that the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. "As stated by the US Department of Justice itself, the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the spokesperson added.