 "Two Adanis, a foreigner, and 5 others charged with corruption: Who they are")
Gautam Adani US SEC case latest news: Billionaire businessman Gautam Adani, his nephew Sagar Adani, and six other individuals have been accused by the United States Securities and Exchange Commission (SEC) of being involved in a multi-million dollar bribery and fraud scheme.
Besides the Adanis, Cyril Cabanes, who was formerly associated with Gurugram-based energy company Azure Power Global, has also been named in the alleged corruption case. Cabanes is a dual French-Australian citizen residing in Singapore, according to US prosecutors. The other individuals charged are Indian nationals, including Vneet Jaain, an executive at Adani Green Energy.
The case alleges that Adani and others paid $265 million in bribes to Indian government officials to secure India-based solar energy project contracts for Adani Green Energy. The SEC accused Adani of deceiving US investors by misrepresenting the company’s anti-corruption efforts despite ongoing bribery activities. The alleged incident took place during a September 2021 offering by Adani Green, which raised $750 million, including $175 million from US investors.
The Adani Group responded to the allegations, stating:
“As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organisation, fully compliant with all laws.”
Who are the eight individuals charged in the Adani Green ‘bribery’ case?
1. Gautam Adani:
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The 62-year-old business magnate, with a net worth of $85 billion according to Bloomberg, founded Adani Group in 1988 as a commodities trading firm. The group now spans shipping, power, energy, and mining sectors. Adani grew up in Gujarat, dropped out of school at 16, and is ranked as the 18th richest person globally.
2. Sagar Adani:
Gautam Adani’s nephew, Sagar, joined the Adani Group in 2015 after graduating in Economics from Brown University, USA. According to the company website, he is credited with developing the entire solar and wind portfolio of Adani Green Energy and serves as the subsidiary’s executive director. Sagar is the son of Rajesh Adani, Gautam Adani’s brother and managing director of Adani Enterprises.
3. Cyril Cabanes:
A dual French-Australian citizen residing in Singapore, Cabanes is a former director at Azure Power Global and has been charged under the US Foreign Corrupt Practices Act (FCPA). He also worked for Caisse de Dépôt et Placement du Québec (CDPQ), a Canadian institutional investor.
4. Vneet Jaain:
Managing director and CEO of Adani Green Energy Limited, Jaain has been with the group for 15 years. He is credited with leading several key energy-related projects for the company’s energy and infrastructure businesses.
5. Ranjit Gupta:
Gupta is a former chief executive officer (CEO) of Azure Power Global and is also named in the case.
6. Rupesh Agarwal:
Former chief strategy and commercial officer at Azure Power Global.
7. Saurabh Agarwal:
An individual named as one of the accused.
8. Deepak Malhotra:
Another individual named among the accused.
According to Reuters, besides the Adanis, Gupta, and Rupesh Agarwal, other defendants, including Cabanes, worked for Caisse de Dépôt et Placement du Québec (CDPQ).