The US Securities and Exchange Commission (SEC) has accused Adani Group founder and chairman Gautam Adani of defrauding American investors and bribing government officials.
Charges have also been filed in the case against Adani’s nephew Sagar Adani, Adani Green Energy Ltd. executive, and Azure Power Global Ltd. executive Cyril Cabanes.
The SEC on Wednesday charged the individuals with conspiracy to commit securities and wire fraud and substantial securities fraud.
These allegations relate to a billion dollar scheme.
It is alleged that funds were raised from American investors and global financial institutions by making false and misleading statements. The SEC alleged that the bribery scheme was designed to take advantage of billion-dollar solar power projects awarded by the Indian government to Adani Green and Azure Power.
The SEC’s complaint said that these people were violating anti-fraud provisions of the federal securities laws. According to the SEC statement, during this scheme, Adani Green raised more than $ 175 million (about Rs 1,450 crore) from American investors. Azure Power’s shares were trading on the New York Stock Exchange.
The Eastern District Attorney’s Office of New York has also filed criminal charges against Gautam Adani, Sagar Adani, Kabanes and others associated with Adani Green and Azure Power. The charges include conspiracy to commit bribery in violation of the Foreign Corrupt Practices Act (FCPA). Authorities say Adani and his associates paid more than $250 million (about Rs 20.75 billion) in bribes to Indian government officials between 2020 and 2024. The purpose of giving bribe was to get solar energy projects. This has the potential to generate profits of more than $2 billion over the next 20 years.
Adani and his associates have been accused of cheating investors. Furthermore, it is alleged that he tried to obstruct the investigation. FBI Assistant Director James Dennehy said the accused tried to interfere with the judicial process.
Let us tell you that this case has now become a big case of corporate fraud and corruption in America. There are allegations of bribing Indian officials and defrauding American investors.
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