Gautam Adani Indicted in New York Over Alleged Multibillion-Dollar Fraud Scheme
Indian billionaire Gautam Adani, chairman of the Adani Group and one of the world’s wealthiest individuals, has been indicted in New York over an alleged multibillion-dollar fraud scheme, U.S. prosecutors announced Wednesday.
Adani and two executives from Adani Green Energy — his nephew Sagar Adani and Vneet Jaain — face charges of orchestrating a scheme between 2020 and 2024 involving over $250 million in bribes to Indian government officials. These bribes allegedly secured solar energy supply contracts expected to yield $2 billion in profits, underscoring the case’s significant financial implications.
Fraudulent Loans and Bonds
Prosecutors claim the renewable energy firm also raised more than $3 billion in loans and bonds during this period using false and misleading statements to attract investors.
The charges extend beyond Adani and his associates. Five additional individuals are facing related conspiracy charges, including two executives from a competing renewable energy firm and three employees of a Canadian institutional investor allegedly linked to the scheme.
Arrest Warrants and Civil Charges
A judge has issued arrest warrants for Gautam Adani and Sagar Adani, which prosecutors plan to hand over to foreign law enforcement authorities. Of the eight defendants, seven are Indian citizens based in India, while the eighth, Cyril Cabanes — a dual French-Australian citizen residing in Singapore — is also implicated, highlighting the global scope of the allegations.
The U.S. Securities and Exchange Commission (SEC) has filed related civil charges against Gautam Adani, Sagar Adani, and Cyril Cabanes. Prosecutors identified Cabanes as an executive at Azure Power Global and tied him to the Canadian institutional investor involved in the case.
Silence from Adani Group and Indian Officials
The Adani Group has not yet issued a statement regarding the allegations. Likewise, India’s embassy in Washington has not responded to requests for comment.
A Billionaire in Turmoil
With a net worth of $69.8 billion, Gautam Adani ranks as the world’s 22nd richest person, according to Forbes. This indictment deals a serious blow to his business empire, which has already been under scrutiny in recent years. The fallout from these allegations could significantly impact the Adani Group’s operations and reputation, raising concerns among investors and the global business community.