Who Are 7 Others Indicted By US Alongside Adani In Alleged $265 Million Bribery Scheme?

Those charged by USSEC include Gautam Adani, Sagar Adani, Vneet Jaain, Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal.

Hyderabad:Sending the business world into a tizzy, US prosecutors on WednesdaychargedGautam Adani, chairman of the Adani Group, with allegedly orchestrating a $265 million bribery scheme.

In an indictment unsealed by Federal prosecutors in New York on Wednesday, Adani and seven others were charged with duping investors by concealing that the company's huge solar energy project was being facilitated by an alleged bribery scheme.

Here is a look at the key persons named in the indictment and the allegations against them:

Gautam S Adani

The Founder of the Conglomerate Adani Group which has numerous portfolio companies, including the Energy Company Adani Green, Gautam serves as the Chairman of Adani Green’s Board of Directors. According to the complaint by the United States Securities and Exchange Commission (USSEC), Gautam and Sagar Adani orchestrated a bribery scheme that involved paying or promising to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials to secure their commitment to purchase energy at above-market rates that would benefit Adani green and Azure Power.

Sagar R Adani

Gautam Adani’s nephew, Sagar R Adani has served as the Executive Director of Adani Green’s Board of Directors since October 2018. As per the allegations in the complaint by the USSEC, Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors. The SEC’s complaint against Gautam and Sagar Adani charges them with violating the antifraud provisions of the federal securities laws.

Vneet S Jaain

From July 2020 through May 2023, Vneet S Jaain was the Chief Executive Officer (“CEO”) of Adani Green Energy. Jaain was the Managing Director Board of Directors from July 2020 through the present. A five-count criminal indictment was unsealed against him in the federal court for allegedly committing securities and wire 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. He was charged with conspiring to violate the Foreign Corrupt Practices Act, a US anti-bribery law.

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Cyril Cabanes

Cyril Cabanes is a citizen of Australia and France but resides in Singapore. From approximately February 2016 through October 2023, Cabanes was employed by a company associated with the Canadian Investor, according to USSEC. Cabanes former member of the Board of Directors of Azure Power Global Ltd. SEC charged Cyril Cabanes with Foreign Corrupt Practices Act (FCPA) violations for his role in the alleged bribery scheme. According to the SEC’s complaint, Cabanes allegedly facilitated the authorization of bribes in furtherance of the scheme while in the United States and abroad.

Saurabh Agarwal

Saurabh Agarwal according to US Commission was employed by a company associated with the Canadian Investor from approximately May 2017 through July 2023 and reported to Cyril Cabanes. He has been charged with corrupt practices and bribery.

Deepak Malhotra

Deepak Malhotra is an Indian employed by a company associated with the Canadian Investor from September 2018 through October 2023, the USSEC said. He was a Non-Executive Director of the Boards of Directors of the U.S. Issuer and the U.S. Issuer’s Subsidiary from approximately November 2019 through October 2023. He also faces charges of corruption and bribery in the indictment by the US Securities and Exchange Commission.

Rupesh Agarwal

Rupesh Agarwal is an Indian Citizen who worked as the Chief Strategy and Commercial Officer for the U.S. Issuer and the U.S. Issuer’s Subsidiary. He has also been accused of conspiring to violate the Foreign Corrupt Practices Act, a U.S. anti-bribery law.