With the recent accusations of bribery and fraud that have propelled into the spotlight against Adani group Chairman, Gautam Adani and other key members of the Adani Group, one name that has emerged prominently in this unfolding U.S. legal battle is Sagar Adani.
Who is Sagar Adani?
Born into one of India’s most influential business families, Sagar Adani is the nephew of Gautam Adani, the founder of the Adani Group.
Currently, he is the Executive Director of Adani Green Energy and a key member of the Adani Group.
According to his profile on the company’s website (adani.com), Sagar Adani pursued his higher education at Brown University, USA, graduating with a degree in Economics.
Adani Group denies US bribery charges as baseless, vows legal action
Read @ANI Story | https://t.co/PQSlTnGYWt#AdaniGroup #USBriberyCharges #LegalAction pic.twitter.com/H6hJGFZRns
— ANI Digital (@ani_digital) November 21, 2024
Accordingly, he joined the Adani Group in 2015 and began his early career in the company’s project division. Over the years, he has been credited with building Adani Green Energy’s extensive solar and wind energy portfolio.
Currently, as the Executive Director of Adani Green Energy, as per the profile, he oversees organisation’s strategic and financial operations.
About the legal trouble and allegations
In the latest turn of events surrounding the Adani group controversy, Sagar Adani has been implicated in a USD 265 million bribery scheme along with other key members of the Adani group as part of a broader investigation by US authorities.
Decided not to proceed with the proposed USD-denominated bond offerings.
Criminal indictment against Adani board members; bond offerings halted. pic.twitter.com/9ytoPyd550
— Ravinder Singh (@ravibhaumiriya) November 21, 2024
Futhermore, the allegations charged against the key members of the conglomerate include the violations of the Foreign Corrupt Practices Act (FCPA), securities fraud, and wire fraud.
In addition to this, the FBI agents in March 2023 served Sagar Adani with a search warrant and a grand jury subpoena, authorising the seizure of electronic devices for evidence.
The court documents allege that Sagar Adani along with Gautam Adani and other executives, made or directed false statements to investors and engaged in unethical practices to secure lucrative contracts.
“Arrest him, interrogate him”: Rahul Gandhi raises pitch after Gautam Adani indicted by US prosecutors in alleged bribery case
Read @ANI Story | https://t.co/gI1d0h6OqX#RahulGandhi #GautamAdani #BriberyCase pic.twitter.com/oW8Y79vjkJ
— ANI Digital (@ani_digital) November 21, 2024
This recent development of the legal trouble against Adani Group has a sent a shockwaves through financial markets, causing the group’s stocks to plunge by up to 25 per cent and wiping out nearly Rs 2.6 lakh crore in market value.
In response to the crisis, Adani Green Energy halted its USD 600 million bond sale, citing the ongoing investigation as a key reason.
