In November 2024, the Adani Group, led by billionaire Gautam Adani, faced serious allegations from the United States Securities and Exchange Commission (SEC). The scandal involves accusations of a $265 million bribery scheme aimed at securing lucrative solar energy contracts in India2. The SEC’s complaint alleges that Adani and his associates paid bribes to Indian government officials to benefit Adani Green Energy and Azure Power2.
The charges include securities fraud, wire fraud, and violations of the Foreign Corrupt Practices Act (FCPA). The SEC claims that during a 2021 note offering, Adani Green raised $750 million, including $175 million from U.S. investors, while falsely claiming anti-corruption efforts2. The scandal has sparked significant concern over market transparency and corporate governance within the Adani Group2.
This case highlights the importance of ethical practices and transparency in global business operations. Stay tuned for more updates on this developing story.
source
