Gautam Adani, nephew Sagar Adani summoned by US SEC in bribery case: ‘If you fail to respond…’
4 months ago

Gautam Adani, nephew Sagar Adani summoned by US SEC in bribery case: ‘If you fail to respond…’

Hindustan Times  

Gautam Adani indicted: Gautam Adani of the Adani group and his nephew Sagar Adani have been summoned to explain their stand on the US Securities and Exchange Commission allegation of paying USD 265 million in bribes to secure lucrative solar power contracts, news agency PTI reported. Adani group faces bribery allegations, denies charges Gautam Adani, 62, and seven others, including his nephew Sagar Adani, a director at Adani Green Energy Ltd, have been accused of paying approximately USD 265 million in bribes to Indian government officials to secure solar energy contracts. In addition to the indictment by the US Department of Justice, the US Securities and Exchange Commission has also charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive at Azure Power Global, for “conduct arising out of a massive bribery scheme”. Prosecutors alleged that the Adani group raised USD 2 billion in loans and bonds, including from US firms, based on false claims about the company’s anti-bribery policies and by concealing the bribery investigation.

History of this topic

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