US Charges Billionaire Gautam Adani with KSh 32 Billion Bribery Scandal
India’s second-richest man, Gautam Adani, finds himself at the center of a massive bribery scandal as United States authorities charge him with fraud.
The billionaire, alongside key executives of his Adani Green Energy Limited, faces allegations of paying $250 million (KSh 32.4 billion) in bribes to secure lucrative solar power contracts in India.
The US Attorney’s Office in Brooklyn, New York, unveiled the charges on Wednesday, November 20, accusing Adani and his associates of manipulating US and foreign investors through false and misleading statements. The alleged misconduct, which spanned from 2020 to 2024, is said to have enabled the Adani Group to project profits of $2 billion (KSh 259.2 billion).
US Attorney Breon Peace did not mince words in outlining the severity of the allegations. “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” Peace remarked, according to NBC News.
Two key figures implicated in the scandal are Sagar Adani, the billionaire’s nephew, and Vneet Jaain, an executive within the group.
Reports from CNBC claim that these individuals not only participated in the bribery but also misled global investors about the company’s commitment to anti-corruption regulations while raising over $3 billion (KSh 388.7 billion) in funds.
Adding to the controversy, The New York Times disclosed that the conspirators used “code names” to maintain secretive records of their alleged bribes to Indian officials. This practice, prosecutors claim, highlights the calculated and systematic nature of the fraud.
The charges represent a significant blow to Gautam Adani’s empire, which has faced heightened scrutiny in recent years. With his reputation as a business mogul on the line, these allegations could have far-reaching consequences for his group and its investors worldwide.
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US Charges Billionaire Gautam Adani with KSh 32 Billion Bribery Scandal
