US Court Orders Arrest of Indian Businessman Gautam Adani

Major Accusations and Legal Action 

A New York court has issued arrest warrants against Gautam Adani, the founder of Adani Group, and his nephew Sagar Adani. The US Securities and Exchange Commission (SEC) filed criminal charges against them and six others for allegedly violating the Foreign Corrupt Practices Act. The indictment claims they orchestrated a massive bribery scheme between 2020 and 2024.

Details of the Alleged Bribery Scheme

According to prosecutors, the defendants agreed to pay $265 million in bribes to Indian government officials to obtain valuable solar energy supply contracts. These contracts were expected to generate more than $2 billion in profits over approximately 20 years. The FBI claims Gautam Adani personally met with Indian government officials to advance the scheme.

Key Players and Their Roles 

The indictment names several high-profile executives, including Adani Green's CEO Vneet S Jaain, former Azure Power CEO Ranjit Gupta, and Canadian firm CDPQ's ex-employees. The charges suggest a complex network of relationships and transactions designed to secure lucrative government contracts through illegal means. 

Company's Response and Future Implications

The Adani Group has strongly rejected all allegations, describing them as "baseless." A company spokesperson emphasized that the charges are merely allegations, and all defendants are presumed innocent until proven guilty. The group has announced its intention to pursue all possible legal options to defend against these charges.