[:en]
Sagar Adani, the Executive Director of Adani Green Energy and a nephew of Gautam Adani, has become a central figure in the USÂ investigation into a $265 million bribery scheme.Â
Court documents reveal that in March 2023, FBI agents served him a search warrant and grand jury subpoena as part of their probe into alleged violations of the Foreign Corrupt Practices Act (FCPA), securities fraud, and wire fraud.
The search warrant, issued on March 17, authorised the seizure of electronic devices in Sagar Adani’s possession, seeking evidence linked to payments of bribes and kickbacks to Indian government officials to secure lucrative business advantages. According to the US District Court order, Sagar Adani, along with Gautam Adani and others, is accused of making or directing false and misleading statements to investors and financial institutions regarding the bribery scheme.
These developments sent shockwaves through financial markets. Adani Group stocks plummeted by as much as 25% in Thursday’s trading session, erasing Rs 2.6 lakh crore in market value. In response, Adani Green Energy called off its proposed U.S. dollar-denominated bond sale.
[:]