On November 20, the U.S. Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) announced parallel charges against Indian billionaire Gautam Adani, his nephew Sagar Adani, business associate Cyril Cabanes of Azure Power Global Ltd, and other senior business executives in connection with an alleged $250 million bribery scheme in violation of U.S. securities laws and the Foreign Corrupt Practices Act (“FCPA”). The Adanis, executives of Adani Green Energy Ltd., an Indian renewable-energy company, were charged with conspiracies to commit securities and wire fraud to obtain funds from U.S. investors and global financial institutions through false statements involving one of the world’s largest solar energy projects.
The charges against the Adanis and their associates underscores the transnational reach of U.S. securities laws and the FCPA. Under the SEC Whistleblower Program, individuals from across the globe can anonymously report securities fraud and FCPA violations and may qualify for monetary awards.
According to the DOJ, between 2020 and 2024, the defendants agreed to pay more than $250 million in bribes to Indian government officials to obtain lucrative energy contracts with the Indian government, which were projected to generate more than $2 billion in profits.
Allegedly, Adani Green raised $750 million from investors through the sale of corporate bonds, including $175 million from U.S. investors.
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The High Court has directed that investigations be carried out against lawyer Ndegwa Njiru and his two clients for subornation of perjury and perjury ( lying under oath) in relation allegations tha...