US securities regulators scrutinize Adani Group and Azure Power cases

Allegations of widespread bribery schemes involving the Adani Group and Azure Power Global have drawn significant attention from US regulatory bodies. The Securities and Exchange Commission (SEC) and the US Attorney’s Office for the Eastern District of New York are pursuing cases against executives from both companies. The claims center on violations of securities laws and the Foreign Corrupt Practices Act (FCPA) as part of an effort to secure contracts and investments.

The SEC accuses Gautam Adani, chairman of Adani Green Energy Ltd., and Sagar Adani, an executive director, of orchestrating a scheme to funnel bribes to officials, allegedly to guarantee advantageous terms for renewable energy projects. During this period, Adani Green raised $175 million from US investors through a note offering, presenting assurances of compliance with anti-corruption standards that the SEC alleges were knowingly false. The legal filing also targets Cyril Cabanes, a former Azure Power executive, for his role in facilitating bribes while managing US-related operations.