New York, Nov. 21: U.S. prosecutors have issued an arrest warrant for Gautam Adani, the billionaire chair of the Adani Group, over his alleged role in a $265 million bribery scheme involving Indian government officials. Adani, along with seven other defendants, including his nephew Sagar Adani, is accused of paying bribes to secure contracts that could generate $2 billion in profits over 20 years, including the development of India’s largest solar power plant.
The indictment also includes former CEO of Adani Green Energy, Vneet Jaain, who is charged alongside the Adanis with securities fraud and wire fraud conspiracy. Prosecutors allege that the group concealed corruption while raising over $3 billion in loans and bonds from investors.
The charges come as a significant blow to the Adani Group, which has been embroiled in controversy since a short-seller attack in February 2023. The latest developments caused a sharp decline in the stock prices of Adani Group companies, with shares falling between 10% and 20%, and Adani Green Energy halting plans to raise $600 million in bonds. Adani Group’s dollar bonds also saw steep drops of 3-5 cents.
The U.S. Securities and Exchange Commission (SEC) has filed a civil case against the Adanis, accusing them of violating securities laws. The indictment reveals that the conspirators referred to Gautam Adani by the code names “Numero uno” and “the big man,” while Sagar Adani allegedly used his cellphone to monitor the bribe payments.
Gautam Adani, worth $69.8 billion, is believed to be in India, and none of the defendants is currently in custody. The Adani Group has yet to respond to requests for comment.
