Gautam Adani Indicted in US for $265 Million Bribery Scheme Linked to Solar Power Project

Jakarta – Gautam Adani, one of India’s richest individuals, faces charges from the New York Attorney General’s Office related to alleged bribery for advancing a solar power project.

According to Reuters on November 21, 2024, U.S. Prosecutor Breon Peace stated that Adani is not alone in this case. There are seven other defendants, including his nephew, Sagar Adani.

The defendants reportedly bribed Indian government officials with approximately $265 million, equivalent to approximately 4.19 trillion IDR, to develop India’s largest solar power project. This project aims to generate $2 billion in profit over 20 years.

Prosecutors also highlighted that the Adani family and other executives at Adani Green Energy raised over $3 billion in loans and bonds. They did this to conceal their corruption from lenders and investors.

Gautam Adani, Sagar Adani, and Vneet Jaain face securities fraud charges. Additionally, the Adani family is charged in a civil case by the U.S. Securities and Exchange Commission. Five other defendants face violations of the Foreign Corrupt Practices Act, U.S. anti-bribery laws, and obstruction of justice charges.

As of now, none of the defendants are in custody. Gautam Adani is believed to be in India. The Adani Group and the Indian Embassy in Washington have not responded to requests for comments on the case.

Gautam Adani is the second richest person in India, with a net worth of $69.8 billion, according to Forbes. He ranks as the 22nd richest person globally.

Adani grew up in Gujarat, India, and dropped out of school at 16. He founded Adani Group in 1988 as a commodity trading company and built a business empire that includes airports, shipping ports, power generation, energy transmission, and mining companies.