Three Indictments, Four Names, and a $250 Million Bribery Indictment: The Full Story Behind Gautam Adani’s US Crisis

On By Pranco

US prosecutors have accused Gautam Adani of orchestrating a $250 million bribery scheme, plunging the Indian tycoon’s empire into renewed crisis just as it was recovering from earlier fraud allegations by short-seller Hindenburg.

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

Prosecutors have developed an elaborate scheme to manipulate government decisions and deceive financial institutions.

What is the case?

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

The conspirators used code names, coded messages and false justifications to conceal their actions. They kept detailed notes on recipients, amounts and regions, and worked together to split the bribes and cover up their traces.

Executives reallocated parts of the project to settle the bribe liabilities, falsely citing lawsuits and economic problems as reasons for the changes. Gautam Adani is said to have led this redistribution and thus influenced decisions at the highest level.

Names involved

  • Gautam S. Adani, Founder of Adani Group
  • Sagar R. Adani, his cousin and company director
  • Vneet S. Jaain, former CEO of the Indian energy company
  • Ranjit Gupta, ex-CEO of the US issuer
  • Others include non-executive directors and advisors involved in orchestrating and concealing the scheme.

The costs

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

Securities and Banking Fraud: Adani Group allegedly raised more than $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 conducting an internal investigation to create a facade of transparency.

The Adani Group has not yet commented on the allegations. The story will be updated once a statement is released.