Prosecutors have charged eight high-ranking corporate executives, including billionaire and chairman Gautam S. Adani, in a massive bribery and fraud conspiracy intended to secure solar energy contracts in India. As reported by the U.S. Attorney’s Office for the Eastern District of New York, these individuals from the Indian Energy Company and related entities are accused of a complex scheme to obtain billions of dollars by bribing Indian officials and misleading U.S. investors, according to an indictment unsealed in federal court in Brooklyn yesterday.
According to the allegations, more than $250 million was promised between 2020 and 2024 in an attempt to unduly influence the purchase of favorable energy supplier contracts. According to the indictment, United States Attorney Breon Peace said, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.” According to the U.S. Attorney’s Office, these are severe charges that, if confirmed, clearly show a desire to blatantly disregard moral and legal limits in order to pursue profit.
Personal contacts between Gautam S. Adani and Indian government officials are highlighted in the indictment, along with in-depth conversations between the accused parties that painstakingly documented the bribes. Based on false and deceptive statements, these recorded intentions and actions ultimately resulted in the acquisition of more than $2 billion in funding from international financial institutions and American investors. “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 U.S. investors,” according to a statement obtained by the U.S. Attorney’s Office from Deputy Assistant Attorney General Lisa H. Miller.
According to the U.S. Attorney’s Office, the justice department also charges a number of individuals, including Rupesh Agarwal, Saurabh Agarwal, Deepak Malhotra, and Cyril Cabanes, with conspiring to thwart the investigation into these corrupt activities. They are charged with erasing incriminating computer documents and deceiving federal investigators as well as the U.S. Issuer’s board of directors. James E. Dennehy, Assistant Director in Charge, FBI, New York Field Office, stated, “The FBI maintains its steadfast mission to expose all corrupt agreements, especially with international governments, and protect investors from related harm.”
All suspects must be presumed innocent until proven guilty, even though the charges listed are only accusations at this point. The FBI’s New York teams that specialize in International Corruption and Corporate, Securities, and Commodities Fraud have been at the forefront of the federal investigation. The government’s case against these people is primarily handled by the Criminal Division’s Fraud Section and the Eastern District of New York’s Business and Securities Fraud Section. Assistant U.S. Attorneys and experts from the Fraud Section’s Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act (FEPA) divisions, whose areas of expertise these offices continue to strengthen and broaden, support the efforts.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!
Leave a Reply