US SEC Accuses Indian businessman Gautam Adani

The Securities and Exchange Commission (SEC) charged Gautam Adani and Sagar Adani, officials of Adani Green Energy Ltd., and Cyril Cabanes, an executive of Azure Power Global Ltd., allegedly being involved in a large-scale bribery conspiracy.

According to the SEC‘s allegations, the bribery scheme was orchestrated to enable the two renewable energy companies to capitalize on a multi-billion-dollar solar energy project that the companies had been awarded by the Indian government. During the alleged scheme, Adani Green raised more than $175 million from U.S. investors, and Azure Power’s stock was traded on the New York Stock Exchange.

According to the authority 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.

Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors. The Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading in light of Gautam and Sagar Adanis conduct.

The SEC's ongoing investigation into Adani Green is being led by Nicholas Karasimas, Stewart Gilson, Christopher M. Colorado, and Alison Conn from the New York Regional Office.

New York court issued an arrest warrant for Gautam Adani and his nephew.

About SEC

The United States Securities and Exchange Commission (SEC) is an independent body of the US federal government.

The SECs mission is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.

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