The Securities and Exchange Commission (SEC) has charged Gautam Adani and Sagar Adani, senior executives at Adani Green Energy Ltd., and Cyril Cabanes, a former executive of Azure Power Global Ltd., for their alleged roles in a multi-billion-dollar bribery scheme.
The scheme was allegedly designed to secure favourable terms for a solar energy project awarded by the Indian government.
The SEC alleges that Gautam Adani, Chairman of Adani Green, and Sagar Adani, its Executive Director, paid or promised bribes worth hundreds of millions of dollars to Indian government officials.
This was purportedly aimed at securing agreements for energy purchases at above-market rates, benefiting both Adani Green and Azure Power. The alleged scheme coincided with Adani Green’s 2021 note offering, which raised $750 million, including $175 million from U.S. investors. The offering materials contained allegedly false statements regarding Adani Green’s anti-bribery compliance.
Cyril Cabanes, a former Azure Power executive, is accused of violating the Foreign Corrupt Practices Act (FCPA) by facilitating bribes while operating in the U.S. and abroad.
The SEC has filed complaints in the U.S. District Court for the Eastern District of New York. Charges include antifraud and FCPA violations, with the agency seeking permanent injunctions, civil penalties, and officer and director bans against the accused. The U.S. Attorney’s Office for the Eastern District of New York has also announced parallel criminal charges.
The SEC has credited its ongoing investigation to several regional and national offices, with assistance from the Department of Justice and the FBI.