Sagar Adani who is the nephew of Adani Group Chairperson Gautam Adani, alongside seven other defendants have been charged with extensive bribery and defrauding officials in a US Court.
Sagar Adani who is the nephew of Adani Group Chairperson Gautam Adani, alongside seven other defendants have been charged with extensive bribery and defrauding officials in a US Court.
As per the authorities, Gautam Adani and other defendants promised to pay bribes to Indian officials to the tune of $265 million to secure solar energy contracts. In response, the Adani Group has shrugged off these allegations as baseless, while stating to take ‘all possible legal recourse.’
Who is Sagar Adani?
Sagar Adani is the son of Rajesh Adani, the brother of Gautam Adani. Rajesh has been associated with the Adani Group since its inception.
Sagar Adani serves as the executive director at Adani Green Energy wherein his father serves as the managing director.
After finishing his graduation from Brown University in USA, Sagar Adani joined the Adani Group in 2015.
Sagar Adani has been instrumental in expanding Adani Green Energy’s solar and wind energy portfolio.
As per the company's website, Sagar oversees the group's strategic, financial, and structural development.
What are the charges against Sagar Adani?
Gautam Adani along with Sagar Adani have been accused of deceiving investors during a $750 million bond offering, from which they have raised approximately $175 million from US investors, Reuters reported.
The US authorities have accused Gautam, Sagar along with six other defendants for hatching a plan to bribe Indian government officials of $265 million. This was being done to secure energy contracts in India, as it is expected to generate profits of over $2 billion in over 20 years.
Currently, it appears unclear if Gautam or Sagar Adani will appear before the US court, as they are very likely to dismiss the indictment without travelling to the US. As per a spokesperson for US Attorney Breon Peace in Brooklyn, none of the defendants are in custody.
Read in Bizzbuzz
#SagarAdani #GautamAdani #AdaniGroup #BriberyAndFraudScheme #RenewableEnergyProject