US Prosecutors have indicated Gautam Adani, his nephew Sagar Adani, and others for allegedly orchestrating a $265 million (₹2,000 crore) bribery scheme to secure solar power contracts in India. Charges include conspiracy to violate the Foreign Corruption Prevention Act (FCPA),
securities fraud, and obstruction of justice.
Arrest warrants have been issued for Gautam and Sagar Adani, with US authorities seeking foreign law enforcement assistance.
The indictment alleges that ₹1,750 crore in bribes were paid, with Andhra Pradesh receiving the largest share, following a 2021 meeting between Gautam Adani and then CM Jagan Mohan Reddy. Bribes allegedly influenced state agreements with Solar Energy Corporation of India (SECI) for 7,000 MW of solar power capacity. The SEC accused Adani of misleading US investors by denying involvement in bribery.
Congress leader Rahul Gandhi accused Prime Minister Narendra Modi of protecting Adani, saying, “The prime minister is 100% protecting this person.” Gandhi demanded Adani’s immediate arrest and a Joint Parliamentary Committee (JPC) probe, alleging Adani obtained India’s assets through corruption. He also called an investigation into SEBI chairperson Madhabi Puri Buch, claiming her complicity.
Gandhi highlighted the gravity of the allegations, stating, “It is now established in American and Indian law.” He criticised the BJP government for inaction, linking to corruption. This indictment marks Adani’s second major controversy in 22 months, following of stock manipulation.
The controversy has significantly impacted Adani Group’s stock valuation, with ₹2.45 lakh crore wiped out on Thursday. Key companies, including Adani Enterprises and Adani Green Energy, saw decline of 18-28%. Gandhi termed the situation a “vindication” of his allegations against the Modi government and vowed to raise the issue in Lok Sabha.
The indictment has heightened scrutiny on Adani, while extradition and further legal actions remain uncertain. Gandhi reaffirmed his commitment to pursuing accountability, reiterating the Opposition’s demand a JPC.
