US charges billionaire Gautam Adani with defrauding investors, hiding plan to bribe Indian officials
New York (AP/PTI): Indian businessman Gautam Adani who is one of the world's richest people has been indicted in the US on charges he duped investors by concealing that his company's huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme.
Adani, 62, was charged in an indictment unsealed Wednesday with securities fraud and conspiracy to commit securities and wire fraud. The case involves a lucrative arrangement for Adani Green Energy Ltd. and another firm to sell 12 gigawatts of solar power to the Indian government — enough to light millions of homes and businesses.
The indictment paints Adani and his co-defendants as playing two sides of the deal.
It accuses them of portraying it as rosy and above-board to Wall Street investors who poured several billion dollars into the project over the last five years while, back in India, they were paying or planning to pay about USD 265 million in bribes to government officials to help secure billions of dollars' worth of contracts and financing.
Adani and his co-defendants sought to “obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors,” Deputy Assistant Attorney General Lisa Miller said.
US Attorney Breon Peace said the defendants “orchestrated an elaborate scheme” and sought to "enrich themselves at the expense of the integrity of our financial markets.”
In a parallel civil action, the US Securities and Exchange Commission accused Adani and two co-defendants of violating antifraud provisions of US securities laws. The regulator is seeking monetary penalties and other sanctions.
Both cases were filed in federal court in Brooklyn.
Adani's co-defendants include his nephew Sagar Adani, the executive director of Adani Green Energy's board, and Vneet Jaain, who was the company's chief executive from 2020 to 2023 and remains managing director of its board.
Online court records did not list a lawyer who could speak on Adani's behalf. An email message seeking comment was left with an arm of his conglomerate, the Adani Group. Emails were also sent to lawyers representing his co-defendants. Sagar Adani's lawyer, Sean Hecker, declined the comment. The others did not immediately respond.
Sanjay Wadhwa, acting director of the SEC's Enforcement Division, said Gautam and Sagar Adani are accused of persuading investors to buy their company's bonds by misrepresenting "not only that Adani Green had a robust anti-bribery compliance programme but also that the company's senior management had not and would not pay or promise to pay bribes.”
Adani is a power player in the world's most populous nation. He built his fortune in the coal business in the 1990s. The Adani Group grew to involve many aspects of Indian life, from making defence equipment to building roads to selling cooking oil.
In recent years, the Adani Group has made big moves into renewable energy, embracing a philosophy of sustainable growth reflected in its slogan: “Growth with Goodness."
The company has a clean energy portfolio of over 20 gigawatts, including one of the world's largest solar power plants in the southern state of Tamil Nadu. Adani Group has stated its goal of becoming the country's biggest player in the space by 2030. In 2022, Gautam Adani said the company would invest USD 70 billion in clean energy projects by 2032.
Last year, a US-based financial research firm accused Adani and his company of “brazen stock manipulation” and “accounting fraud.” The Adani Group called the claims “a malicious combination of selective misinformation and stale, baseless and discredited allegations.”
The firm in question is known as a short-seller, a Wall Street term for traders that essentially bet on the prices of certain stocks to fall, and it had made such investments in relation to the Adani Group.
The company's stock plunged as a result and dipped again in August when the firm, Hindenburg Research, levied more corruption allegations.
Jaain told The Associated Press last year that Hindenburg's allegations had little impact on its ongoing projects, including work building 20 gigawatts of a solar and wind energy project in the northwest Indian village of Khavda.
Prosecutors allege that Adani and his co-defendants started plotting the bribery scheme in 2020 or 2021 to guarantee demand for the energy that Adani Green and another firm were under contract to produce for the national government's Solar Energy Corporation of India.
Adani Green and the other firm's high prices turned off India's state-run electricity distributors, which buy power from the national government and provide it to homes and businesses. But the companies needed those deals to make the project worthwhile and keep revenues high, so they offered bribes to get them done, prosecutors said.
After the defendants started promising bribes to government officials, in 2021 and 2022, electricity distributors in five Indian states or regions entered into agreements to purchase their energy, prosecutors said. Adani's company issued a statement in which he touted his deals as the “world's largest” power purchase agreement.
At the same time, prosecutors said, the Adanis and Jaain were attesting to global investors that Adani Green was and would never be involved in bribery. Those claims enabled them to secure billions of dollars in financing for the project at terms that “did not account for the true risk” involved, prosecutors said.
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Young woman from MP who shot to fame during Kumbh found to be minor, case registered against husband
Khargone (MP) (PTI): The National Commission for Scheduled Tribes on Friday confirmed that a young woman from Madhya Pradesh who became famous due to her viral videos during the 2025 Maha Kumbh has been found to be a minor after an inquiry.
Citing the findings of an inquiry panel set up by the commission, local BJP leaders alleged that her interfaith marriage in Kerala last month was a case of "love Jihad", and sought legal action.
While the panel had submitted its report in March, ST commission chairman Antar Singh Arya confirmed its findings to the PTI on Friday.
A case for alleged kidnapping and offences under the Protection of Children from Sexual Offences (POCSO) Act has already been registered against her husband, a Muslim man, at Maheshwar on the basis of the inquiry findings, police said.
The girl gained national fame after her videos while selling garlands and rudraksha at the Maha Kumbh went viral on social media and also earned her a role in a film.
The National Commission for Scheduled Tribes set up an inquiry panel after receiving a complaint on March 17 from Pratham Dubey, a resident of Uttar Pradesh, that she was a minor and was being exploited.
Maheshwar BJP MLA Rajkumar Mev and BJP mandal president Vikram Patel, armed with documents, told reporters on Friday that her marriage in Kerala was a case of "love Jihad" and she should be brought back home.
'Love jihad' is a term used by right-wing groups to allege a conspiracy by Muslim men to lure Hindu women into marriage to convert them to Islam.
Police said an investigation is underway, and further action would be taken accordingly.
The girl, who belongs to the nomadic Pardhi community, got married at a temple in Kerala in March. The interfaith marriage drew angry reactions from rightwing Hindu groups.
Her family members and film director Sanoj Mishra -- who had offered her a film role after she became famous -- too alleged that it was 'love Jihad'.
As per the inquiry conducted by the ST commission, records at the Maheshwar government hospital showed the woman's date of birth as December 30, 2009 which meant she was 16 years and two months old at the time of marriage, said Dubey, the complainant.
On a complaint filed by her father, police registered a case against the girl's husband at Maheshwar police station on March 25 for alleged kidnapping and under the POCSO Act and the SC/ST (Prevention of Atrocities) Act.
Police sources said that a separate case was also registered on March 24 under section 137(2) of the Bharatiya Nyaya Sanhita (taking a minor from lawful custody of guardian without their consent) based on the the commission's findings.
