Kept PPTs and excel sheets to track $250 mn paid in bribes: Key points from charges against Adani, 7 others

The US department of justice on Tuesday unsealed a criminal indictment charging Gautam Adani and seven others with an elaborate scheme involving over $250 million in bribes to Indian government officials to secure solar energy contracts, defrauding US investors, and obstructing investigations.

Prosecutors allege that between 2020 and 2024, Adani, along with Sagar Adani, Vneet Jaain, and former executives and employees of related firms, orchestrated a bribery scheme to win government contracts projected to generate more than $2 billion in profits over 20 years.

The indictment claims the Adani group offered and paid substantial bribes to government officials in India to secure contracts for a massive solar energy project.

Here are key points on how the accused tracked bribery:

1. The bribes were meticulously tracked using spreadsheets and presentations, according to court documents.

2. Meetings with government officials and internal planning sessions among defendants reportedly detailed the scheme.

3. Prosecutors revealed that PowerPoint presentations and Excel sheets were used to document and manage the bribes.

4. For example, Sagar Adani allegedly tracked payment details on his phone, while Vneet Jaain photographed documents summarising bribe amounts.

5. Former executive Rupesh Agarwal reportedly created and circulated detailed analyses exploring payment and concealment strategies, referred to as "Bribery Analyses."

To fund these projects, Adani and his co-defendants allegedly raised over $3 billion from US and global investors under false pretences. They assured financiers of adherence to anti-bribery practices while concealing the scheme. The indictment accuses them of providing misleading financial statements to obtain loans and bonds.

“These offences were allegedly committed at the expense of US investors and financial market integrity,” said Lisa H. Miller, Deputy Assistant Attorney General.

The case also details a conspiracy to obstruct investigations by US authorities, including the FBI and the SEC. Four of the accused — Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal — allegedly deleted incriminating electronic records, withheld key information from internal investigations, and lied to federal agents.

FBI Assistant Director James E. Dennehy stated that the agency “remains committed to exposing international corruption” to safeguard investors and financial systems.

“We will continue to pursue those who engage in bribery, fraud, and obstruction, no matter where they operate,” said US Attorney Breon Peace.

The defendants face charges of securities fraud, wire fraud, bribery under the Foreign Corrupt Practices Act, and obstruction of justice. All are presumed innocent until proven guilty.

The case was investigated by the FBI’s Corporate, Securities, and Commodities Fraud and International Corruption units, with assistance from the SEC and the Department of Justice’s Fraud Section.