Indian energy tycoon Gautam Adani has been indicted in New York in a massive corruption case

A few hours after the trial, shares of the Indian business group Adani fell sharply on Thursday at the opening of trading on the Bombay Stock Exchange. The price of the holding company Adani Enterprises fell 10% and the price of its subsidiary Adany Energy Solutions, which was questioned by American justice, lost almost 20%.

Corruption plan

The 62-year-old businessman is accused, with seven co-defendants, of participating between 2020 and 2024 in a bribe payment system of more than 250 million dollars (220.7 million Swiss francs) to officials Indian to win “a million dollars. ” solar energy deals, Brooklyn District Attorney Breon Peace said in her release.

According to the prosecutor, Gautam Adani, but also one of his nephews at the head of his group, Sagar Adani, and a third manager would also have hidden “this system of corruption while trying to raise money from American and international investors.

Gautam Adani was charged with securities fraud and wire fraud.

According to the prosecution, the suspects “recorded their corruption activities extensively”, especially Sagar Adani with his mobile phone. Gautam Adani would have had a direct role. He “met personally with a representative of the Indian government to implement this corruption plan and the defendant met personally to discuss aspects of its implementation,” the indictment alleges.

Closeness to Narendra Modi criticized

The deal will once again trouble the Adani empire, a conglomerate that expands from coal mines to ports and airports through the media, and has launched a major offensive for renewable energy for several years. years, a strategic region for India – the most populous country. in the world and the third largest emitter of greenhouse gases. In their home state of Gujarat, the group launched the project specifically for the largest renewable energy park in the world, measuring five times the area of ​​Paris.

Opposition parties and other critics have long accused the notoriously introverted businessman of exploiting his friendship with Narendra Modi, who appears to be from Gujarat, to win deals. unfairly and to avoid due control of his business.

In 2023, his group was accused of “brazen handling” of its own shares as well as “multi-decade accounting fraud” by the American investment company Hindenburg Research. Gautam Adani had denied the allegations, but his group had seen its stock market value reduced by more than 150 billion dollars (132.4 billion Swiss francs) and the businessman had seen his personal wealth plummet. drop of around 80 billion dollars (70.62 billion Swiss francs). The tycoon and his company have since made up for many of those losses.