US prosecutors and the Securities and Exchange Commission (SEC) have launched legal action against executives from Adani Group and Azure Power, alleging a multi-million dollar bribery scheme involving Indian government officials. The charges center around allegations that the executives bribed officials to secure lucrative solar energy contracts in India.
While the alleged offenses occurred in India, US authorities are pursuing the case due to the companies’ activities and presence in the US, as well as their involvement with American investors. Specifically, Adani Green Energy Ltd issued corporate bonds in 2021 that included US investors, and Azure Power Global had securities listed on the New York Stock Exchange.
The US Foreign Corrupt Practices Act (FCPA) prohibits certain individuals and entities, including those with securities listed on US exchanges, from bribing foreign officials to obtain or retain business. The SEC alleges that Adani Green misrepresented its anti-bribery practices to US investors during its bond issuance, concealing the alleged bribery scheme.
The indictment claims that Adani Group executives, including chairman Gautam Adani and his nephew Sagar Adani, promised over $250 million in bribes to Indian officials to secure solar energy contracts projected to generate billions of dollars in profits. The SEC also accuses Cyril Cabanes, a French national and former director of Azure Power, of participating in the bribery scheme.
The US Attorney’s Office for the Eastern District of New York announced the indictment, highlighting the alleged conspiracy to mislead US and international investors about the bribery scheme. The SEC’s complaint against Cabanes focuses on his alleged violation of the FCPA while serving on the board of a US-listed company.
The indictment further alleges that Adani and Azure executives conspired to obstruct justice by deleting evidence and providing false information to investigators.
These legal actions underscore the reach of US anti-bribery laws and the commitment of US authorities to pursue corruption cases, even those involving foreign companies and officials, when there is a connection to the US financial system. The outcome of these cases could have significant implications for both Adani Group and Azure Power, as well as for future enforcement of the FCPA.
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