NEW YORK: A $250 million bribery conspiracy to obtain preferential treatment in solar energy contracts in India is the subject of allegations brought against billionaire Indian industrialist Gautam Adani and two other senior executives in New York.
In the lawsuit, which is being handled by the US Attorney's Office for the Eastern District of New York, Gautam Adani, Mr. Sagar R. Adani, and Mr. Vneet S. Jaain are accused of conspiring to violate federal laws by deceiving US investors and providing bribes to Indian government officials.
According to the indictment, the defendants created a complex plan to secure these contracts from the government by engaging in deceptive fundraising activities ostensibly for the purpose of supporting renewable energy initiatives.
Prosecutors claim that the gang lined pockets while raising money on US markets, placing them under the jurisdiction of US authorities who are authorized by law to prosecute international graft.
"The defendants devised and implemented a sophisticated scheme to bribe Indian officials to obtain contracts worth billions of dollars," according to U.S. Attorney Breon Peace. "American legal framework permits such prosecutions whenever U.S. investors or financial institutions are involved," he stated in that regard.
Counsel representing Sagar Adani and Vneet Jaain could not be contacted, and officials of the Adani Group in the United States did not reply to a request for comment. No one has been taken into custody in this matter as of yet.
This legal setback comes as Adani’s conglomerate was beginning to recover from earlier allegations of fraud by a US-based short seller. The charges could bring renewed scrutiny to the group’s business practices, potentially impacting its global reputation and operations.
ALSO READ: India’s economy in sweet spot with strong growth, inflation likely to ease: Moody’s
ALSO WATCH: