The "Adani case" refers to a series of legal and financial controversies involving the Adani Group, an Indian multinational conglomerate led by billionaire Gautam Adani. These issues have attracted significant international attention and encompass allegations of fraud, bribery, and stock manipulation.
Bribery and Fraud Allegations
In November 2024, the U.S. Department of Justice unsealed a five-count indictment against Gautam Adani and seven senior executives of the Adani Group. The charges include conspiracy to violate the Foreign Corrupt Practices Act, securities fraud, mail and wire fraud, and conspiracy to obstruct justice. Prosecutors allege that the Adani Group orchestrated a scheme to pay over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts. Additionally, it's claimed that the company falsified records to obtain billions of dollars from U.S. investors, thereby misleading them about the company's financial health.
The indictment further asserts that Gautam Adani personally met with Indian officials between 2020 and 2024 to discuss these bribes. Other executives, including Sagar Adani and Vneet Jaain, allegedly documented bribe details and maintained records of the illicit payments.
Stock Manipulation Claims
Earlier, in January 2023, Hindenburg Research, a U.S.-based investment firm, published a report accusing the Adani Group of stock manipulation and accounting fraud. The report titled "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History" led to a significant decline in the market value of Adani's companies, with losses amounting to $45 billion. The Adani Group denied these allegations, describing the report as a "malicious combination of selective misinformation and stale" information.
Recent Developments
In February 2025, the Adani Group faced additional scrutiny when it was revealed that London's Science Museum had received over £4 million from Adani Green Energy, despite the company being implicated in bribery and fraud allegations. This sponsorship has been criticized as an attempt at "greenwashing," leading to protests and resignations within the museum's board.
Furthermore, the Indian government reportedly relaxed national security protocols along the Pakistan border to facilitate a large renewable energy project awarded to the Adani Group. This policy change has raised concerns about potential corruption and the influence of corporate interests on government decisions.
These events collectively constitute the "Adani case," highlighting the complex interplay between corporate practices, government policies, and international legal standards.
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