27 Nov 2024
A New York court accused the Adani Group of allegedly bribing Indian government officials.
A New York Court of Justice announced charges against several top executives of the Adani Group for allegedly offering bribes to Indian government officials in a project involving the development of a major solar power plant.
The US Securities and Exchange Commission (SEC) accused the conglomerate of raising more than $750 million from investors and $175 million from US investors during this scheme. All this while, Azure Power was also trading on the New York Stock Exchange.
Accused are Adani Group’s board members Gautam Adani and his son Sagar Adani; Vneet S Jaain, MD and CEO of Adani Green Energy; and Cyril Cabanes from Azure Power.
Adani Group recently secured a USD1.36 billion syndicate loan from eight global banks, mentioned in the current indictment. Adani’s long-term investors have expressed concern about investing further in the group. General sentiment may also prevent other Indian corporations from raising debt from global investors.