By Vineet Kumar 
Gautam Adani Faces US Bribery Charges: Key Details from the 54-Page Indictment
US prosecutors have filed criminal charges against Gautam Adani and several associates, alleging their involvement in a multi-billion-dollar bribery scheme. The indictment accuses the Adani Group of using false and misleading statements to secure funds from US investors and international financial institutions. Here are the major revelations from the case:
The Bribery Allegations
According to the US Department of Justice (DoJ), Adani Group executives allegedly paid bribes totaling over $250 million (â‚ą2,100 crore) to Indian government officials to secure lucrative solar energy contracts. The charges include conspiracy to commit securities fraud, wire fraud, and substantive securities fraud.
Details of the Scheme
1. Direct Involvement by Gautam Adani:
Gautam Adani allegedly held multiple in-person meetings with Indian officials to advance the bribery plan. These interactions were part of a larger effort to influence decision-making in favor of the Adani Group.
2. Use of Code Names and Messaging Apps:
To maintain secrecy, the defendants used code names for each other. For example:
Gautam Adani was referred to as “SAG,” “Mr. A,” “Numero Uno,” and “The Big Man.”
Vneet Jaain, another senior executive, was nicknamed “Snake” and “Numero Uno Minus One.”
Additionally, they relied on encrypted messaging apps to discuss the bribes, aiming to leave minimal trace.
3. Tracking Bribes with Precision:
Sagar Adani, Gautam’s nephew, used his mobile phone to document the specifics of bribe payments, including the per-megawatt rates and abbreviations for the officials receiving the payments.
Vneet Jaain reportedly photographed a document summarizing these bribes, further implicating the group’s top management.
Attempts to Hide the Truth
Destroying Evidence:
Some group members allegedly destroyed incriminating files, including PowerPoint presentations and electronic messages, to obstruct investigations.
Misleading Authorities:
Despite being aware of the FBI’s investigation, Gautam and Sagar Adani publicly dismissed the allegations as “baseless” in March 2024. They reassured lenders and financial institutions of their innocence, even as evidence piled up against them.
The FBI’s Role
In March 2023, the FBI approached Sagar Adani in the US and confiscated his electronic devices. The agency handed him a search warrant, which Gautam Adani later photographed and emailed to himself—a move that reportedly added to the mounting evidence of his involvement.
Sophisticated Financial Concealment
Strategic Bribe Planning:
Rupesh Agarwal, another accused, used PowerPoint and Excel to prepare detailed analyses of various methods to pay and disguise the bribes. This highlights the level of organization behind the scheme.
Suppression of Documents:
The defendants are accused of tampering with and withholding crucial information to mislead investigators and shield the group from scrutiny.
Market Repercussions
The scandal has sent shockwaves through the stock market, causing Adani Group shares to plummet. In response to the indictment, Adani Green canceled its planned Dollar bond offering.
What’s Next?
With the DoJ’s 54-page indictment detailing such elaborate schemes, the Adani Group faces intense scrutiny. If proven guilty, the repercussions could reshape the group’s global standing and trigger legal and financial fallout.
This case underscores the significance of corporate accountability, where even the most influential names are not immune to the long arm of the law.
