US SEC Targets Gautam Adani & Nephew Over Alleged $265 Million Bribe Scheme to Secure Solar Power Contracts.
(Judicial Quest News Network)
In a dramatic turn of events, US authorities have summoned Gautam Adani, the founder and chairman of the Adani Group, alongside his nephew Sagar Adani, to respond to serious allegations by the US Securities and Exchange Commission (SEC). The two men are accused of being involved in a massive bribery operation that allegedly involved the payment of $265 million (approximately ₹2,200 crore) to Indian government officials. The purpose of these alleged bribes was to secure highly lucrative solar power contracts for the Adani Group, a leading conglomerate in India with a significant stake in renewable energy projects.
The SEC’s summons, issued on November 21st by the New York Eastern District Court, demands that the Adanis reply to the charges within 21 days. The notice clearly states that failure to respond could result in a judgment being entered by default, with the relief sought in the complaint being granted without further proceedings. The summons calls on both Gautam Adani and his nephew to provide an answer to the SEC’s allegations or risk facing legal consequences.
According to the SEC, the Adani Group, under the leadership of Gautam Adani and his nephew Sagar, is accused of conspiring with several Indian government officials between 2020 and 2024. These bribes, totaling $265 million, were allegedly paid in exchange for securing favorable terms for solar energy supply contracts. These contracts are said to have guaranteed the Adani Group $2 billion in profits over the next 20 years.
Alongside Gautam Adani and Sagar Adani, seven other individuals, including executives from the Adani Group’s renewable energy arm, Adani Green Energy Limited, are named in the complaint. The SEC indictment paints a picture of a sophisticated bribery scheme orchestrated to ensure the Adani Group’s dominance in India’s renewable energy market. Notably, Sagar Adani, who is also a director at Adani Green Energy, is directly linked to the alleged illegal transactions.
This legal action by the SEC is separate from another indictment brought forward by the US Department of Justice. In a related case, the US authorities have also charged officials from Azure Power Global, a rival solar power company, for their involvement in similar bribery practices aimed at securing advantageous contracts.
The Adani Group has firmly denied the accusations, labeling them as false and baseless. The conglomerate maintains that it has always conducted its business in compliance with the law, both in India and internationally. Despite these denials, the unfolding legal battle threatens to have significant implications for the Adani Group, whose operations span several sectors, including energy, infrastructure, and mining.
The SEC’s investigation and the subsequent legal proceedings are expected to garner widespread attention, as they raise questions about corporate governance, transparency, and accountability, not just within the Adani Group, but across the global business community. With the 21-day deadline approaching, the world waits to see how the Adani family will respond to these explosive allegations.
