In a stunning fall from grace, the billionaire chairman and founder of Adani Group, Gautam Adani, was accused of being part of a colossal alleged bribery scheme involving subsidiaries Adani Green and Azure Power, the latter of which traded on the New York Stock Exchange.
Adani, 62, his nephew Sagar Adani, 30, and half a dozen other executives were named in a five-count criminal indictment unsealed in a New York federal court on Wednesday. Authorities claim the two, along with others, promised more than $250 million in corrupt payments to government officials to secure billions worth of power and electricity agreements. The various allegations detailed a four-year plan spanning the globe that involved meetups with officials to broker bribes and power deals—some that allegedly involved Gautam Adani himself.
