Foreign Corrupt Practices Act: Enforcement Action Dataset

Initiation Date: 11/20/2024

Prosecuting Agency: U.S. Securities and Exchange Commission

Type of Action: SEC Federal Court Proceeding

Docket or Case Number: 24-cv-08080

Court: E.D. New York

Name of Prosecuting Attorneys:

Nicholas Karasimas, SEC New York Regional Office
Stewart Gilson, SEC New York Regional Office
Christopher M. Colorado, SEC New York Regional Office
Alison Conn, SEC New York Regional Office
Tejal D. Shah, SEC New York Regional Office
Daniel Loss, SEC New York Regional Office

US Assisting Agencies:

U.S. Department of Justice
Federal Bureau of Investigation

Foreign Enforcement Action/Investigation: Unknown

Foreign Assistance: Unknown

Origin of the Proceeding: Unknown

Whistleblower: Unknown

Case Status: Ongoing

Summary

Adani Group was a privately held multinational conglomerate headquartered in India. Founded in 1988 as a commodity trading firm, the company expanded to own and operate airports, shipping ports, and railways; to produce and distribute power and energy through mining and thermal and renewable energy production; and to be India’s largest trader of coal.

Adani Green Energy Ltd. was an Indian public limited company that was the renewable energy arm of Adani Group. Adani Green developed, built, owned, operated, and maintained a portfolio of large solar power and wind farm projects.

Azure Power Global Ltd. was a Mauritian limited company that produced and sold solar power in India.

Gautam Adani, an Indian citizen, was the founder of both Adani Groupand Adani Green. Gautam served on Adani Green’s Board of Directors and as a member of its four-person Management Committee.

Sagar Adani, an Indian citizen, was the Executive Director of Adani Green’s Board of Directors and the Chairman of Adani Green’s four-person Management Committee. He is also Gautam’s nephew.

According to the documents in this case, Gautam and Sagar 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. Adani Green was projected to earn billions of dollars of revenue and more than a billion dollars in profit by selling power capacity to the Solar Energy Corporation of India, a state-owned entity that was responsible for implementing Indian central government programs related to renewable energy. During the alleged scheme, Adani Green raised $750 million, including approximately $175 million from U.S. investors, and the Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading in light of Gautam and Sagar’s alleged conduct.

On November 20, 2024, the SEC filed a four claim complaint in the Eastern District of New York against Gautam and Sagar alleging that they had violated, and aided and abetted violations of, the Securities Act and Exchange Act.

This case if ongoing.

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| Enforcement Action Dataset

Enforcement Action Dataset

Case Information

Securities and Exchange Commission v. Gautam Adani and Sagar Adani

Case Information

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