3 charges, 4 names, and a $250M bribe charge: The full story behind Gautam Adani’s US crisis

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U.S. prosecutors charged Gautam Adani with allegedly orchestrating a $250 million bribery scheme, plunging the Indian tycoon’s empire back into crisis just as it was recovering from earlier allegations of fraud by short-seller Hindenburg.

The charges allege that Adani and other defendants promised bribes to Indian government officials to secure solar energy contracts. They also reportedly concealed these actions while raising funds from U.S. investors. 

Prosecutors detailed an elaborate plan to manipulate government decisions and mislead financial institutions.

What is the case?

Adani and his associates allegedly promised $265 million in bribes to Indian officials to ensure state electricity distributors signed power purchase agreements (PPAs). The agreements unlocked profits for both the Indian energy company and its U.S. partner.

The conspirators used code names, encrypted messages, and false justifications to disguise their actions. They kept detailed notes about recipients, amounts, and regions, collaborating to split bribe payments and obscure their tracks.

Executives reallocated parts of the project to settle bribe obligations, falsely claiming litigation and economic challenges as reasons for the changes. Gautam Adani allegedly directed this reallocation, influencing decisions at the highest levels.

Names involved

  • Gautam S. Adani, founder of Adani Group
  • Sagar R. Adani, his nephew and company executive
  • Vneet S. Jaain, former CEO of the Indian energy company
  • Ranjit Gupta, ex-CEO of the U.S. issuer
  • Others include non-executive directors and consultants involved in orchestrating and concealing the scheme.

The charges

Bribery: The defendants conspired to pay bribes and obstructed U.S. investigations by destroying evidence, suppressing documents, and providing false information to authorities, including the SEC and FBI.

Securities and wire fraud: Adani Group allegedly raised over $2 billion through loans and securities based on false claims, misleading U.S. investors about its anti-bribery practices and financial integrity.

FCPA violations: The defendants obstructed an SEC investigation by deleting emails and withholding key evidence while staging an internal inquiry to create a façade of transparency.

The Adani Group has not yet issued a response to the charges. The story will be updated as soon as a statement is released.


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