- Adani Group’s Gautam Adani and other suspects were charged by the US attorney’s office in Brooklyn, New York, on Wednesday, November 20
- The defendants were charged with paying KSh 32.4 billion in bribes to Indian officials expecting to reap $2 billion in profits (KSh 259.2 billion)
- Adani and his co-accused allegedly maintained records of their bribes using ‘code names’ in their communications
India’s second richest man, Gautam Adani, has been charged with fraud by United States (US) authorities on allegations that he and other accused co-conspirators bribed Indian officials with $250 million (KSh 32.4 billion) to secure solar power contracts.
Why Adani, other suspects were charged in the US
The suspects were charged by the US attorney’s office in Brooklyn, New York, on Wednesday, November 20, with obtaining money from US investors and other foreign lenders “on the basis of false and misleading statements.”
US Attorney Breon Peace said the incidents took place between 2020 and 2024, with Adani Group, which Adani chairs, expecting to reap $2 billion in profits (KSh 259.2 billion).
“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” Peace stated, as reported by NBC News.
According to CNBC, the 62-year-old billionaire and two executives of Adani Green Energy Limited-his nephew Sagar Adani and Vneet Jaain were accused of misleading American and foreign investors about their company’s adherence to anti-corruption and anti-bribery regulations while raising over $3 billion (KSh 388.7 billion) in funding.
The New York Times reported that the defendants maintained records of their bribes using ‘code names’ in their communications to Indian officials.
Why court suspended Adani’s electricity deal in Kenya
On Friday, October 25, TUKO.co.ke reported that the High Court halted the government’s KSh 95.68 billion Adani-KETRACO electricity transmission deal, citing constitutional concerns.
Justice Bahati Mwamuye issued a conservatory order suspending the deal’s implementation pending further legal examination.
The Law Society of Kenya (LSK) challenged the deal, claiming it lacked transparency, public participation, and accountability.
Azimio La Umoja One Kenya Coalition parties also filed a lawsuit to challenge Indian firm Adani Group’s leasing of Jomo Kenyatta International Airport (JKIA).
