Adani Group founder Gautam Adani and seven others, including his nephew Sagar Adani, have been indicted in New York over serious charges of alleged bribery and securities fraud related to solar energy projects in India.

The charges were announced by the US Attorney’s Office for the Eastern District of New York on Wednesday.

The Adani Group reportedly canceled its $600 million bond offering, sending shockwaves through markets, causing Adani’s US dollar bonds to plunge in Asian trading.

According to prosecutors, Gautam Adani and other executives conspired to pay over $265 million (approximately Rs 2,236 crore) in bribes to Indian government officials to secure solar energy contracts. These contracts were projected to yield profits of nearly $2 billion (Rs 16,880 crore) over 20 years.

The accused, including Sagar Adani, 30, and Vneet S Jaain, a former Adani Green Energy executive, are alleged to have raised over $3 billion (Rs 25,322 crore) through loans and bonds while concealing corrupt activities from investors and lenders.

Authorities revealed that the bribery scheme, which spanned from 2020 to 2024, involved extensive documentation, including phone........

© newslaundry