From pv magazine India
U.S. prosecutors have charged Gautam Adani and other executives with a bribery scheme allegedly involving over $250 million in payments to Indian officials to secure solar energy supply contracts.
The contracts were expected to yield $2 billion in profits over two decades. The indictment accuses Adani, Sagar R. Adani, and Vneet S. Jaain of securities and wire fraud, alleging they secured $3 billion of US and international financing through false statements.
The charges claim the defendants raised capital via two dollar-denominated syndicate loans exceeding $2 billion and two Rule 144A bond offerings totaling more than $1 billion. These bonds, underwritten by international financial institutions, were marketed to US investors.
The indictment also names Ranjit Gupta and Rupesh Agarwal, former executives of a renewable energy company with New York Stock Exchange-listed securities, alongside Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of a Canadian institutional investor. They are charged with conspiring to violate the Foreign Corrupt Practices Act in connection with the alleged bribery for one of the world’s largest solar projects.
Prosecutors allege that Cabanes, Agarwal, Malhotra, and Rupesh Agarwal obstructed investigations by agreeing to delete emails, messages, and other materials tied to the bribery scheme.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.