New Delhi: Sagar Adani, the nephew of Gautam Adani, currently serves as the Executive Director of Adani Green Energy. Sagar is in the news after US prosecutors charged billionaire Adani, his nephew, and executives of Adani Green Energy Ltd, and Cyril Cabanes, an official of Azure Power Global Ltd for paying over USD 250 million in bribes to Indian government officials in attempt to get solar energy contracts on their terms that could bring in more than USD 2 billion in profit.
The US District Court order stated that Sagar Adani was issued a search warrant in March 2023 by FBI Special Agents and was also served with a grand jury subpoena. The court documents revealed that Sagar was issued the search warrant as part of FBI probe into alleged violations of the Foreign Corrupt Practices Act (FCPA), securities fraud, and wire fraud.
Gautam Adani, Sagar Adani Bribery Case in USA
According to the US Securities and Exchange Commission release, “Sagar Adani and Gautam Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from US investors.”
Sagar Adani got associated with the Adani Group in 2015. He pursued his graduation in Economics from Brown University, USA. Adani Group’s website stated that Sagar is credited with building the entire solar and wind portfolio of Adani Green Energy. He currently oversees organization building as well as all strategic and financial matters of Adani Green Energy.
On November 20, 2204, the US Attorney’s Office for the Eastern District of New York unsealed criminal charges against Gautam and Sagar Adani and Cabanes and other defendants connected to Adani Green and Azure Power.
Sagar Adani is the son of Rajesh Adani, who serves as the Managing Director of Adani Enterprises.
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