November 21: Indian tycoon Gautam Adani, one of the richest people in the world, faces serious charges in the U.S. for allegedly misleading investors about his company’s solar energy project in India. Prosecutors claim the project, worth billions, involved a $265 million bribery scheme targeting government officials to secure lucrative contracts and financing.
The indictment, unsealed Wednesday, accuses Adani, 62, and his co-defendants of securities fraud and conspiracy. According to authorities, the plan allowed Adani Green Energy Ltd. and a partner company to sell 12 gigawatts of solar power to the Indian government, enough to power millions of homes and businesses.
Deputy Assistant Attorney General Lisa Miller stated that Adani and his team used corruption and fraud to win massive energy contracts, ultimately harming U.S. investors who had poured billions into the project.
In addition, the U.S. Securities and Exchange Commission (SEC) has launched a civil case against Adani and two associates for violating U.S. securities laws. The SEC is seeking financial penalties and other legal actions.
The allegations highlight Adani’s dual approach — presenting a legitimate and promising front to investors while allegedly engaging in corrupt practices to secure deals in India.
