### Indian Tycoon Faces U.S. Indictment Over Alleged Solar Energy Bribery Scheme

In a major legal development, Gautam Adani, a prominent Indian businessman and one of the world's wealthiest individuals, has been indicted in the United States on charges of deceptive practices toward investors. The U.S. federal indictment, made public on Wednesday, accuses Adani of securities fraud and conspiracy, claiming that he misled investors about a substantial solar energy project in India that was tainted by bribery.

The case focuses on an ambitious project by Adani Green Energy Ltd. and another associated firm, which aimed to sell 12 gigawatts of solar power to the Indian government—a project sufficient to electrify millions of homes and businesses. The indictment alleges that Adani and his co-defendants presented the project as entirely legitimate to Wall Street investors, who subsequently invested billions of dollars over the past five years. These representations were reportedly made while secretly planning to pay approximately $265 million in bribes to Indian government officials to secure contracts and financing.

Deputy Assistant Attorney General Lisa Miller remarked that the defendants sought to profit through "corruption and fraud at the expense of U.S. investors," while U.S. Attorney Breon Peace stated that the scheme aimed to "enrich themselves at the expense of the integrity of our financial markets."

Adani's company in India has not released an official statement, and shares in the Adani corporate empire saw a significant decline on Thursday. Among the co-defendants are Adani's nephew, Sagar Adani, an executive director on Adani Green Energy's board, and Vneet Jaain, who served as the company's CEO from 2020 to 2023 and remains its managing director.

In a parallel civil action, the U.S. Securities and Exchange Commission (SEC) has also accused Adani and his co-defendants of violating anti-fraud provisions of U.S. securities laws. The SEC is seeking monetary penalties and other sanctions, claiming that the accused misrepresented their company’s anti-bribery compliance program and falsely assured that senior management had not and would not engage in bribery.

Gautam Adani, known for his significant influence in India, initially built his wealth in the coal industry during the 1990s and has since expanded his conglomerate, the Adani Group, into various sectors including defense, infrastructure, and cooking oil. More recently, Adani has made substantial investments in renewable energy, with the goal of becoming India’s largest clean energy player by 2030.

The allegations have prompted political reactions in India, including from Congress party leader Jairam Ramesh, who has criticized Adani’s close ties with Prime Minister Narendra Modi. He called for a parliamentary inquiry into Adani’s activities, highlighting the need for domestic legal scrutiny.

This indictment follows claims last year from Hindenburg Research, a U.S. financial research firm that accused Adani's group of stock manipulation and accounting fraud. These claims led to significant dips in Adani Group's stock prices.

Prosecutors allege that the bribery scheme began in 2020 or 2021 and was designed to ensure demand for the solar energy produced by Adani Green and its partner firm for India’s national government. The high prices proposed by these companies had initially deterred state-run electricity distributors, but agreements were eventually secured through bribery, according to the charges.

During this time, Adani's team assured investors globally of their clean operational practices, thereby securing billions in financing under false pretenses.