On 21 Nov, US prosecutors charged Indian billionaire Gautam Adani over an alleged USD 250M bribery scheme aimed at securing lucrative solar power contracts projected to generate roughly USD 2B in profit over two decades. The indictment accuses Adani and seven others from Adani Energy subsidiaries of lying to investors and offering bribes to Indian officials between 2020 and 2024. Among the defendants is Adani’s nephew, Sagar Adani, the executive director at Adani Green Energy founded by Gautam. The US Securities and Exchange Commission also issued summons with a 21-day deadline to Gautam and Sagar. The crisis led to Kenya canceling Adani’s airport and energy projects. Shares in Adani Group companies have plummeted. In another development, on 25 Nov, Vishal Tiwari – one of the petitioners in the earlier case related to the Adani over Hindenburg Research’s (HR) allegations of stock manipulation – filed an application before the Supreme Court of India, urging the court to consider bribery and fraud charges against Gautam. The petition alleges shortcomings in the Securities and Exchange Board of India’s (SEBI) investigation into HR’s allegations against the Adani Group in January 2023 and August 2024 (SDW Vol 2, Issue 2, Story 2). SEBI initiated an inquiry into claims that Adani Green Energy failed to disclose an investigation into the alleged bribery scheme. In 2020-21, farmers of Panjab protested the Farm Laws which had been framed on Adani’s behest. Farmers denounced the laws, forcing their repeal.
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