US charges tycoon Gautam Adani with defrauding investors, hiding plan to bribe Indian officials

The INC had asked a hundred questions in its Hum Adani ke Hain (HAHK) series bringing out the various dimensions of these scams and of the intimate nexus that has existed between the PM and his favourite businessman. These questions have remained unanswered,

he said

The United States Department of Justice has also included our Board member, Vneet Jaain, in such a criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings. You are requested to take the same on your records."

In addition, the statement further read

The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani."

In a statement issued through an exchange filing, Adani Green Energy said

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,

stated United States Attorney Breon Peace

A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements."

According to

This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,

said Deputy Assistant Attorney General Lisa Miller

Gautam Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses ... while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government's investigation,

said the FBI's James Dennehy

Since releasing our January 2023 report identifying Adani as the largest corporate con in history, we have never wavered in our view, ... nor has Adani ever refuted our findings.”

Hindenburg said in an emailed statement

These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors,

added Deputy Assistant Attorney General Lisa H Miller

As alleged, Gautam and Sagar Adani induced U.S. investors to buy Adani Green bonds through an offering process that misrepresented not only that Adani Green had a robust anti-bribery compliance program but also that the company's senior management had not and would not pay or promise to pay bribes,

a statement from Sanjay Wadhwa, Acting Director of the SEC's Division of Enforcement, said in part