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 renewable energy company incorporated in Mauritius and headquartered in India that developed, owned, and operated utility-scale grid-connected solar farm projects. Azure's shares were registered with the SEC and traded on the New York Stock Exchange until November 13, 2023, when Azure’s stock was delisted for failure to file reports with the SEC. The company’s largest stockholder, Caisse de depot et placement du Quebec (“CDPQ”), which was a Montreal, Canada-based pension fund company established by the National Assembly of Quebec, and one of the world’s largest infrastructure investors.
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.
Vneet S. Jaain, an Indian citizen, was the CEO of Adani Green and served as the Managing Director of the company's board of directors.
Ranjit Gupta, an Indian citizen, was the CEO of Azure and the CEO and Managing Director of an unnamed Indian subsidiary of Azure.
Cyril Cabanes, an Australian and French citizen who resided in Singapore, was employed by CDPQ and served as a Non-Executive Director on the boards of directors of Azure and its subsidiary.
Saurabh Agarwal, an Indian citizen, was employed by CDPQ and reported to Cabanes.
Deepak Malhotra, an Indian citizen, was employed by CDPQ and served as a Non-Executive Director on the boards of directors of Azure and its subsidiary.
Rupesh Agarwal, an Indian citizen, initially served variously as a consultant to Azure and its subsidiary before becoming the Chief Strategy Officer and Commercial Officer and later the acting CEO of both companies.
According to the documents in this case, between 2020 and 2024, the defendants agreed to pay more than $250 million in bribes to Indian government officials to obtain solar energy supply contracts with the Indian government, which were projected to generate more than $2 billion in profits after tax over an approximately 20-year period. Specifically, the scheme was to secure commitment from Indian state governments to purchase energy at above-market rates that would benefit Adani Green and Azure Power. During the alleged scheme, Adani Green raised billions of dollars in loans and bonds, including 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 the alleged bribery scheme.
On October 24, 2024, the DOJ filed a five count indictment under seal in the Eastern District of New York against all eight defendants alleging (1) a conspiracy to violate the anti-bribery provisions of the FCPA (Gupta, Cabanes, Saubabh Agarwal, Malhotra, and Rupesh Agarwal); (2) a conspiracy to commit securities fraud (Gautam Adani, Sagar Adani, and Jaain); (3) a conspiracy to commit wire fraud (Gautam Adani, Sagar Adani, and Jaain); (4) securities fraud (Gautam Adani, Sagar Adani, and Jaain); and (5) a conspiracy to obstruct justice (Gupta, Cabanes, Saubabh Agarwal, Malhotra, and Rupesh Agarwal).
This case is ongoing.
