Sagar Adani, nephew of Gautam Adani, is among the others who have been facing allegation of fraud and bribery in the United States.
He with other co-defendants, has been charged by US prosecutors with allegedly paying over $250 million in bribes between 2020 and 2024 to Indian government officials to secure solar energy contracts. These contracts were believed to have the potential to generate more than $2 billion in profit.
Sagar Adani joined the Adani Group in 2015 after earning his degree in Economics from Brown University in the United States. He began his career in the Projects division and is credited with developing the entire solar and wind energy portfolio of Adani Green Energy. Currently, he oversees organizational development and manages all strategic and financial aspects of Adani Green Energy, according to the information available on the Adani Group’s website.
Arrest warrants have been issued in the US for Adani and his nephew Sagar, with prosecutors intending to deliver these warrants to foreign law enforcement, according to court records.
Following the recent charges against the Adani Group, the shares and bonds of its companies dipped on Thursday. Adani Green Energy, which is at the heart of the allegations, also canceled a $600 million sale of U.S. dollar-denominated bonds.
In a statement, the Adani Group claimed that the allegations were “baseless and denied,” adding that it would seek “all possible legal recourse.”
