Why the US has accused Adani of hiding its alleged bribes in India from American investors
The origins of the case lie in India’s solar energy sector.
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When Gautam Adani announced a $10 billion investment in the United States after Donald Trump won the presidential polls earlier this month, there was a far more pressing matter in America that he was ignoring.
Since at least March 2023, the Adani Group chairman had known that US enforcement agencies were investigating his group and several associates for allegedly orchestrating an elaborate bribery scheme to gain solar energy business in India while keeping that information hidden from investors in the US.
His nephew, Sagar Adani, had been searched by special agents of the Federal Bureau of Investigation on March 17, 2023. They took custody of electronic devices he had in his possession and served him with a grand jury subpoena – a legal document that informs someone that they are the subject of an investigation and seeks more information from them.
The next day, Gautam Adani emailed himself photographs of each page of the search warrant and grand jury subpoena served on Sagar Adani, according to submissions made by the investigators in a district court in New York.
Yet, over the next year and a half, the Adani Group did not disclose to financial institutions, stock markets or investors that it was under investigation by the US government....
