- Whistleblower complaints at Azure Power led to a two-year U.S. investigation into a $250 million bribery scheme involving the Adani Group.
- The allegations include bribing Indian officials for solar energy contracts, with Azure Power transferring funds to Adani Green to cover its share.
- The U.S. indictment accuses Adani executives of misleading investors and obstructing investigations by deleting evidence.
In May and September 2022, two whistleblower complaints filed at Azure Power sparked a two-year U.S. investigation that eventually led to the indictment of Gautam Adani and seven other executives in a $250 million bribery scheme. The accusations claim the Adani Group and Azure Power colluded to bribe Indian officials to secure solar energy contracts.
The alleged bribery involved Azure Power transferring part of its projects to Adani Green to cover its share of the bribes. The payments were disguised as “development fees” or project transfers. U.S. authorities also allege that the Adani Group misled investors by falsely claiming no bribes had been paid during their $750 million bond issuance in 2021.
Despite the denials from the Adani Group, which calls the allegations “baseless,” the investigation reveals weak internal controls at Azure Power, leading to its delisting from the NYSE in 2023. The case has raised serious concerns about corporate governance within the Adani Group and its connections to global markets.
