Gautam Adani, Company Executives Indicted In US For Bribery Charges: 10 Points
The United States Securities and Exchange Commission (SEC) and the U.S. Attorney’s Office for the Eastern District of New York have charged Gautam Adani, Sagar Adani, and other senior executives from Adani Green Energy and Azure Power Global in a sweeping bribery and fraud scandal. The allegations centre on a multi-billion-dollar bribery scheme to secure solar energy contracts in India. Bribes totalling over $250 million were allegedly promised to Indian government officials to obtain lucrative contracts that would generate billions in profits. In parallel, the executives are accused of misleading U.S. investors and financial institutions to raise funds. The SEC’s complaints and federal indictments highlight a global corruption scheme involving senior corporate figures and include charges of securities fraud, bribery, and obstruction of justice. These developments mark a significant turn in the ongoing scrutiny of international corporate practices.
Read Als0 : Gautam Adani Charged With Bribery And Fraud: Billion-Dollar Scandal Defrauding American Investors
1. The SEC alleges that Gautam Adani and Sagar Adani orchestrated a bribery scheme during Adani Green’s $750 million bond offering in 2021, misleading U.S. investors about anti-bribery compliance efforts.
2. Bribes worth over $250 million were reportedly offered to Indian government officials to secure state energy contracts, generating potential profits of $2 billion for Adani Green and Azure Power over two decades.
3. Gautam Adani is accused of personally meeting with Indian officials and discussing the bribery scheme through encrypted messaging applications to avoid detection.
4. The indictment highlights the use of detailed bribe tracking systems, including spreadsheets and PowerPoint presentations, to document payments and conceal their origins.
5. Cyril Cabanes, a former Azure Power director, allegedly played a key role in authorising bribes and is charged with violating the Foreign Corrupt Practices Act (FCPA).
6. Adani Green and Azure Power executives are also accused of misleading investors through falsified financial disclosures and fraudulent statements about anti-corruption measures.
7. The U.S. Attorney’s Office has charged eight individuals, including Adani executives and Canadian institutional investors, with obstruction of justice for deleting incriminating electronic records.
8. Investigations revealed the use of fraudulent documents to secure over $3 billion in financing from U.S. and international lenders, including bond offerings and syndicated loans.
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9. FBI officials described the scheme as an elaborate fraud to benefit businesses through corruption, bribery, and investor deception, undermining market integrity.
10. The SEC and the U.S. Department of Justice are pursuing permanent injunctions, civil penalties, and officer-director bans against the accused, emphasising accountability for global corporate corruption.
