Indian billionaire faces US investigation over alleged corruption
Indian billionaire Gautam Adani, head of the Adani Group (Photo: flickr.com)
Indian billionaire Gautam Adani, head of the Adani Group, is accused of running a years-long bribery scheme involving payments to Indian officials to secure favorable conditions for solar energy contracts. The scheme may have generated over $2 billion in profits, the Financial Times reports.
According to New York prosecutors, more than $250 million in bribes were allegedly offered between 2020 and 2024. Gautam Adani, his nephew Sagar Adani, several Adani company employees, and former workers from the Canadian pension fund CDPQ are accused of corruption, securities fraud, and attempts to cover up the bribe trail.
Adani Group shares plummeted on Thursday as Indian markets opened. The flagship company, Adani Enterprises, lost 20% of its value, while its port business fell by 16.4%.
Prosecutors stated that the bribes were part of a scheme to secure energy contracts at inflated prices. To attract American investors, Adani Green, which operates one of the world's largest solar parks, allegedly provided false information about its compliance with anti-corruption policies.
Adani Group denies the allegations, calling them "baseless." Meanwhile, the Canadian fund CDPQ stated that it is cooperating with authorities and dismissed the implicated employees in 2023.
The scandal has once again put Adani Group's reputation at risk, following accusations last year of market manipulation and falsification of financial reports. India’s opposition has called for a parliamentary investigation, while the government has refrained from commenting.
Notably, on October 26, representatives of Ukraine and India held a working meeting to explore cooperation opportunities in the defense industry.
