Adani Group Chairman Indicted in $250 Million Bribery Scandal

Gautam S. Adani, chairman of the Adani Group and a key figure in India’s ports and shipping sector, has been indicted along with seven other senior business executives in connection with a massive bribery scheme related to lucrative solar energy supply contracts.

The scandal, involving hundreds of millions of dollars in bribes, threatens to destabilize one of India’s largest private port operators and could have far-reaching implications for the global maritime industry.

Adani, who heads Adani Ports and Special Economic Zone Limited (APSEZ), the largest private port operator in India, is accused of orchestrating a scheme to pay more than $250 million in bribes to Indian government officials. The alleged purpose was to secure lucrative solar energy supply contracts, which were projected to generate over $2 billion in profits after tax over a 20-year period.

“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” said United States Attorney Breon Peace.

The indictment, unsealed in federal court in Brooklyn, charges Adani and his co-defendants with conspiracies to commit securities and wire fraud, as well as substantive securities fraud. The charges stem from their alleged efforts to obtain funds from U.S. investors and global financial institutions based on false and misleading statements.

“Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses,” said FBI Assistant Director in Charge James E. Dennehy. “Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption.”

The investigation revealed that between 2020 and 2024, the defendants allegedly used various methods to facilitate and conceal their bribery scheme, including personal meetings with government officials, electronic messaging applications, and detailed documentation of bribe payments.

This scandal could have significant repercussions for APSEZ and the broader maritime industry in India. APSEZ operates 13 ports and terminals across India, handling a substantial portion of the country’s cargo traffic. The indictment of its chairman may lead to increased scrutiny of port operations and potentially impact India’s ambitious plans to expand its maritime infrastructure and global reach.

The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. However, the mere fact of the indictment is likely to send shockwaves through the maritime sector. As the legal proceedings unfold, the shipping industry will be closely watching the potential impacts.

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