Indian billionaire Gautam Adani, along with several other executives, has been indicted in New York for their involvement in a multi-billion-dollar fraud scheme.
The US Department of Justice on Wednesday said Adani and seven other high-ranking business officials allegedly offered over $250 million in bribes to Indian government officials in order to obtain solar energy contracts.
Adani’s nephew Sagar Adani has also been implicated in the case.
“Those bribes were to lie to investors and banks to raise billions of dollars, and to obstruct justice,” said Deputy Assistant Attorney General Lisa Miller in a statement.
The contracts for solar energy supply were anticipated to generate over $2 billion in post-tax profits over a span of roughly 20 years.
The United States Department of Justice reported that Adani had personal meetings with an official from the Indian government to promote the initiative, occurring between 2020 and 2024.
Adani and his associates regularly convened to deliberate on the bribery scheme, with evidence found on multiple mobile devices.
Among the documentation was a cell phone that was used to meticulously monitor particular aspects of the bribery activities.
“A photograph of a document summarizing various bribe amounts and PowerPoint and Excel analyses that summarized various options for paying and concealing bribe payments.
“Adani and his associates tried to hide these bribery schemes from US investors “in order to obtain financing, including to fund those solar energy supply contracts procured through bribery,” the Department said.
Adani interest in Kenya
Adani Group’s interest in Kenya has intensified with a controversial $736 million agreement with Kenya Electricity Transmission Company (KETRACO).
The two entities partnered to have Adani Energy construct and manage 388 kilometers of high-voltage power transmission lines for 30 years.
This deal, which aims to address Kenya’s aging energy infrastructure, has faced public backlash due to concerns over transparency and lack of public participation.
Additionally, Adani is pursuing a separate contentious 30-year lease for Jomo Kenyatta International Airport, further fueling debates about state capture and governance in Kenya.
