NEW DELHI: US prosecutors have indicted billionaire Gautam Adani and his nephew, Sagar Adani, among others, for their alleged involvement in a $265 million (Rs 2,000 crore) bribery case to secure solar power supply contracts in India. This controversy, following allegations by short-seller Hindenburg Research 22 months ago, has plunged the edible oil-to-ports giant into another crisis. Arrest warrants have been issued in the US for Gautam and Sagar Adani, with prosecutors planning to hand these warrants to foreign law enforcement, according to court records cited by Reuters.

Early Wednesday, the US Department of Justice (DoJ) charged the Adanis, former Adani Green CEO Vneet Jaain, and executives from Azure Power and Canadian pension fund CDPQ under the Foreign Corruption Prevention Act (FCPA). Separately, the US Securities and Exchange Commission (SEC) charged Gautam and Sagar Adani with raising funds from US investors through “false and misleading statements.” The SEC alleges they were directly involved in bribing Indian officials to secure contracts benefiting Adani Green.

Who is indicted? Gautam Adani | Chairman, Adani Green Energy Ltd Sagar Adani | Executive Director, Adani Green Energy; nephew of Gautam Adani Vneet Jaain | Former CEO, Adani Green Energy Rajnit Gupta | Former CEO, Azure Power Rupesh Agarwal | Chief Strategy & Commercial Officer, Azure Power Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra | Associated with Canadian pension firm CDPQ Co-conspirators.