Adani seeks Trump's help to end bribery probe in US
What's the story
Representatives of Indian billionaire Gautam Adani have met officials of US President Donald Trump's administration, to seek the dismissal of criminal charges in a bribery investigation, Bloomberg News reported.
The discussions started earlier this year and have gained momentum in recent weeks, possibly heading toward a resolution in the coming months.
Charges
Adani and his nephew charged with bribery
In November 2024, US authorities indicted Adani and his nephew, Sagar Adani.
They were accused of paying bribes for Indian power supply contracts and deceiving US investors during fundraising activities.
The Securities and Exchange Commission (SEC) also summoned them for allegedly misrepresenting anti-bribery compliance during a $750 million bond offering by Adani Green Energy, a subsidiary of the Adani Group.
Investigation
SEC and Indian government's collaboration
The SEC had earlier sought help from India's Ministry of Law and Justice in its probe against Gautam and Sagar.
They were probed for alleged securities fraud and a $265 million bribery scheme, a court filing cited by Reuters stated.
Last year, federal prosecutors in Brooklyn revealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity generated by Adani Green Energy.
Denial
Adani Group's response to bribery allegations
Meanwhile, the Adani Group has denied the allegations, terming them "baseless," and has promised to seek "all possible legal recourse."
The SEC's indictment claimed that Gautam, Sagar, and six others paid $265 million in bribes to Indian state government officials from 2020 to 2024.
The payments were reportedly made to secure lucrative solar power contracts estimated to generate $2 billion in profits over 20 years.
SEC claims
SEC's allegations against Adani Green Energy
The SEC has alleged that Adani Green Energy raised $2 billion from US and foreign investors on the basis of false statements.
The commission alleged that "Adani Green and the defendants also emphasized to underwriters and potential investors that Adani Green had implemented robust anti-bribery and anti-corruption processes, and that Adani Green was a leader in India in good corporate governance."
However, the SEC said, "None of this was true."