While the news of billionaire chair of conglomerate Adani Group, Gautam Adani’s indictment by the US prosecutors is doing the rounds since the early hours of Thursday, India time, what really happened and what were the series of events that unfold? On Thursday, the US Attorney’s office in New York released a press release stating that a five-count criminal indictment was unsealed in federal court in Brooklyn charging Gautam Adani, Sagar Adani and Vneet Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements.
Lisa H Miller, Deputy Assistant Attorney General for the Justice Department’s Criminal Division, in a release, said, “This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice. These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors. The Criminal Division will continue to aggressively prosecute corrupt, deceptive, and obstructive conduct that violates US law, no matter where in the world it occurs.”
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Charges by Securities and Exchange Commission
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In a parallel move, the Securities and Exchange Commission charged Gautam Adani and Sagar Adani, and Cyril Cabanes, with conduct arising out of a massive bribery scheme.
SEC filed two complaints in the US District Court for the Eastern District of New York. In one action, the SEC charged Gautam Adan and his nephew, Sagar Adani, Executive Director of Adani Green’s Board. According to the SEC’s complaint, Gautam and Sagar Adani orchestrated a bribery scheme that involved paying or promising to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials to secure their commitment to purchase energy at above-market rates that would benefit Adani green and Azure Power.
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