Gautam Adani Charged with Bribery in US Over Solar Project Scandal: What’s Behind the Allegations?

Indian billionaire Gautam Adani, chairman of the Adani Group, is facing serious bribery charges in the United States, adding to his mounting controversies. The latest allegations stem from his company, Adani Green Energy, accused of paying bribes to secure a solar energy contract. The charges allege that between 2020 and 2024, Adani and his team funneled $265 million to Indian officials to obtain a solar energy contract in India, ultimately involving U.S. investors and banks in the process.

The accusations highlight that Adani Green Energy, alongside Azure Power, misled investors by using fraudulent statements while raising funds for the project. U.S. prosecutors claim that this manipulation involved paying off officials from state-owned Solar Energy Corporation of India (SECI) and other government bodies. The deal, expected to generate $2 billion in profits over 20 years, was reportedly facilitated by these illegal payments.

This scandal has caught the attention of U.S. authorities, with the U.S. Securities and Exchange Commission (SEC) investigating whether Adani Group executives engaged in bribery to secure energy contracts and misled investors. The investigation has led to an arrest warrant being issued against Adani and several associates.

This new legal challenge for Adani comes after the 2023 Hindenburg report, which accused the group of stock manipulation and financial irregularities. The latest charges could further destabilize Adani’s empire, which has already suffered significant losses, with Adani Group stocks plummeting recently.

In India, the scandal has stirred political debate, with Congress calling for further investigation into alleged corruption, while BJP leaders defend the charges, emphasizing the presumption of innocence.