PROFILPELAJAR.COM

Indictment against Gautam Adani et al.
Indictment against Gautam Adani et al.
	Seal of the District Court for the Eastern District of New York
Court	United States District Court for the Eastern District of New York
Full case name	United States of America v. Gautam Adani et al.
Docket nos.	24-cr-433
Charge	5 counts against all defendants Conspiracy to violate Foreign Corrupt Practices Act; Securities fraud; Mail and wire fraud; Conspiracy to obstruct justice;
Court membership
Judge sitting	Nicholas Garaufis (District Judge);

Indictment against Gautam Adani et al. is a 2024 federal indictment in the United States District Court for the Eastern District of New York.^[1] Indian billionaire Gautam Adani and seven top business executives of Adani Group and its affiliates have been charged for their alleged involvement in a scheme to pay hundreds of millions of dollars in bribes to Indian government officials and to hide the bribery from U.S. investors.^[2]

On November 20, 2024, a five-count indictment unsealed in Brooklyn charges Indian Energy Company executives Gautam Adani,^[3] Sagar Adani,^[4] and Vneet Jaain^[5] with securities and wire fraud for a multi-billion-dollar scheme involving false statements to U.S. investors and global financial institution.

Background

In March 2024, the United States expanded its probe into Adani Group, particularly focusing on founder Gautam Adani's conduct and potential bribery by his group companies in exchange for favorable treatment regarding an energy project.^[6]^[7] The investigation is being handled by the United States Attorney for the Eastern District of New York and the United States Department of Justice Criminal Division's fraud unit in Washington.^[8]

Indictment

An unsealed five-count indictment in Brooklyn federal court charges Gautam Adani, his associates, and executives from other firms with a bribery and fraud scheme involving more than $250 million in payments to Indian government officials.^[9]^[10] The alleged bribes secured lucrative solar energy contracts for Adani Green Energy,^[11] projected to yield over $2 billion in profits, while misleading U.S. and international investors through false statements to raise funds.^[12] The indictment also accuses other individuals, including former employees of a Canadian institutional investor,^[13] of obstructing investigations by deleting evidence and providing false information to authorities.^[1]

The defendants allegedly concealed the bribery scheme by making false and misleading statements^[14] while raising over $3 billion through loans and bond offerings marketed to U.S. investors. The case, investigated by the Federal Bureau of Investigation and the United States Department of Justice's Fraud Section, highlights efforts to combat corruption and fraud impacting U.S. financial markets. Charges include securities fraud, wire fraud, violations of the Foreign Corrupt Practices Act, and obstruction of justice.^[2]