Sagar Adani, the nephew of Gautam Adani, is among the seven defendants charged in a US indictment alongside the Adani Group chairperson in an alleged bribery and fraud scheme tied to a renewable energy project in India.
Authorities claimed that Gautam Adani and the other defendants conspired to pay approximately $265 million in bribes to Indian officials to secure contracts. The Adani Group has denied the allegations, calling them baseless, and stated it would pursue “all possible legal recourse.”
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Who is Sagar Adani?
• Sagar Adani is the son of Rajesh Adani, the brother of Gautam Adani, who has been with the Adani Group since its inception.
• Sagar Adani is an executive director at Adani Green Energy, where his father also holds a director position.
• He joined the Adani Group in 2015 after graduating with a degree in economics from Brown University, USA.
• Sagar Adani is credited with expanding Adani Green Energy’s solar and wind energy portfolio.
• He oversees the organisation’s strategic, financial, and structural development, according to the company’s website.
•According to a Bloomberg report, Sagar Adani is among four potential successors to Gautam Adani’s business, alongside his sons Karan and Jeet Adani and their cousin Pranav Adani.
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What are charges against Sagar Adani?
Gautam Adani and his nephew Sagar Adani are accused of orchestrating a scheme to secure a solar energy project in India and misleading investors during a $750 million bond offering, raising approximately $175 million from US investors, according to Reuters.
US authorities allege that Adani, Sagar, and six others conspired to pay $265 million in bribes to Indian government officials to win contracts for developing India’s largest solar power plant, expected to generate $2 billion in profit over 20 years.
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It remains unclear if Gautam or Sagar Adani will appear in US court, as they may attempt to dismiss the indictment without travelling to the US. None of the defendants are in custody, according to a spokesperson for US Attorney Breon Peace in Brooklyn.