The indictment says Adani and the others paid approximately $265 million in bribes. They expected these contracts to generate $2 billion in profit over two decades. Prosecutors claim some involved in the scheme used code names like “Numero uno” and “the big man” to refer to Gautam Adani.
The indictment also alleges Adani, his nephew Sagar Adani, and another executive, Vneet Jaain, hid the bribery from lenders and investors to secure over $3 billion in loans and bonds for Adani Green Energy. The charges fall under the Foreign Corrupt Practices Act, a US law against bribery in foreign business dealings.
