Gautam Adani US Indictment: Who are the seven others charged with defrauding American investors?

Gautam Adani indicted by the U.S. Securities and Exchange Commission (SEC) with fraud, bribery, and corruption for allegedly defrauding American investors and bribing officials. File photo | Photo Credit: AP

Gautam Adani on with 7 others that includes his nephew Sagar Adani person been indicted by the U.S. Securities and Exchange Commission (SEC) with fraud, bribery, and corruption for allegedly defrauding American investors and bribing officials. As per the SEC, the bribery strategy was orchestrated to alteration renewable vigor companies Adani Green and Azure Power to capitalise connected a multi-billion-dollar star vigor task awarded by the Indian government.

Gautam Adani U.S. indictment LIVE updates

A full magnitude of $265 cardinal was to beryllium paid successful bribes to Indian authorities officials to get contracts that were expected to output a nett of astir $2 cardinal implicit the play of 20 years portion processing India’s largest star powerfulness works project. Vneet Jaain, erstwhile CEO of Adani Green Energy had allegedly raised much than $3 cardinal successful loans and bonds arsenic well.

Here are the names of the 7 defendants different than Gautam Adani:

Sagar S. Adani

Sagar Adani is simply a nephew of Gautam Adani and was the Executive Director Adani Green Energy, the steadfast against whom the US SEO has initiated a probe. The US tribunal has charged Sagar of trying to bribe officials of assorted state-owned powerfulness organisation companies successful bid to get contracts to proviso star powerfulness to the region. The tribunal accused Sagar of utilizing his mobile telephone to way circumstantial details of the bribes offered and promised to authorities officials.

Vineet Jain aka Vneet S. Jaain

Jaain was the Chief Executive Officer of the Adani Green Energy from July 2020 done May 2023 and the Managing Director of the firm’s Board of Directors from July 2020 done the present. A five-count transgression indictment was unsealed against him successful the national tribunal for allegedly committing securities and ligament fraud.

Ranjit Gupta

Ranjit Gupta was the CEO of the U.S. Issuer and the CEO and Managing Director of the U.S. Issuer’s Subsidiary from astir July 2019 done April 2022. He was charged with conspiring to interruption the Foreign Corrupt Practices Act, a US anti-bribery law.

Rupesh Agarwal

Rupesh Agarwal, a erstwhile advisor for the U.S. Issuer and its subsidiary, has besides been accused of conspiring to interruption the Foreign Corrupt Practices Act, a U.S. anti-bribery law.

Cyril Cabanes

Cyril Cabanes, who holds a dual citizenship of Australia and France residing successful Singapore, was employed by the Canadian concern steadfast Caisse de Dépôt et Placement du Québec from February 2016 to October 2023. The Canadian pension money was an capitalist successful Adani subsidiary. He besides served arsenic a Non-Executive Director connected the company’s boards from January 2017 to October 2023. Cabanes has been charged with conspiring to interruption the Foreign Corrupt Practices Act, a U.S. anti-bribery law.

Saurabh Agarwal

Saurabh Agarwal was besides hired by Caisse de Dépôt et Placement du Québec and helium reported to Cyril Cabanes, 1 of the defendants successful the lawsuit from May 2017 to July 2023. He has been charged for corrupt practices and bribery.

Deepak Malhotra

Deepak Malhotra was different Indian hired by the Canadian capitalist institution Caisse de Dépôt et Placement du Québec from September 2018 done October 2023 who besides served arsenic the Non-Executive Director of the Boards of Directors of the U.S. Issuer and the U.S. Issuer’s Subsidiary during the aforesaid period. He besides faces charges of corruption and bribery successful the indictment by the US Securities and Exchange Commission.

Following the indictment, a New York justice has issued a warrant for Mr . Adani’s arrest, media reports said. According to ABC News, quoting tribunal records, the apprehension warrant volition beryllium fixed to overseas instrumentality enforcement authorities.

Last year, Hindenburg Research, a U.S.-based fiscal probe steadfast accused Adani and his institution of “brazen banal manipulation” and “accounting fraud.” The Adani Group called the claims “a malicious operation of selective misinformation and stale, baseless and discredited allegations.”

Hindenburg is known arsenic a short-seller, a Wall Street word for traders that fundamentally stake that prices of definite stocks volition fall, and it had made specified investments successful narration to the Adani Group. The company’s banal plunged arsenic a effect and dipped again successful August erstwhile Hindenburg levied much corruption allegations.

Published - November 21, 2024 12:16 p.m. IST