Indian billionaire Gautam Adani, a prominent name in global business, faces a storm of allegations alongside seven others, accused of orchestrating a $265 million bribery and fraud scheme to secure renewable energy projects in India. Here’s a closer look at the individuals entangled in this high-profile case:
Gautam Adani
The 62-year-old founder of the Adani Group, a global conglomerate spanning energy, infrastructure, and more, is at the heart of the controversy. Alleged to have masterminded a scheme to mislead investors and secure lucrative solar energy contracts, Adani has denied the charges, dismissing them as baseless.
Sagar Adani
The executive director of Adani Green Energy and Gautam’s nephew, Sagar played a pivotal role in expanding the group’s renewable energy portfolio. Prosecutors claim he was instrumental in the alleged bribery scheme tied to a $750 million bond offering.
Vneet Jaain
As managing director of Adani Green Energy since 2020, Jaain is accused of collaborating with others to execute the bribery plan. Before this, he led various Adani subsidiaries, cementing his influence within the group.
Ranjit Gupta
A former CEO of Azure Power Global, Gupta is alleged to have conspired with the Adani team to secure solar energy projects through illegal means. Azure Power, now cooperating with U.S. authorities, distanced itself from its former executives.
Cyril Cabanes
An Australian-French executive and former managing director at Canadian investment firm CDPQ, Cabanes is accused of joining the conspiracy. His involvement underscores the international dimensions of the case.
Saurabh Agarwal
A key figure at CDPQ until mid-2023, Agarwal is alleged to have collaborated with Cabanes and others during the scheme’s peak. CDPQ has since terminated his employment.
Deepak Malhotra
Previously a director of infrastructure at CDPQ and a board member of Azure Power, Malhotra resigned amid the growing scrutiny.
Rupesh Agarwal
A former chief strategy officer at Azure Power and a current co-chair of a renewable energy council, Agarwal is also implicated in the indictment, adding another layer to the unfolding drama.
As the Adani Group pledges to fight these allegations, the case continues to unfold, drawing global attention to the intricate web of individuals and actions behind the scandal.
