The Very Epitome of Modi India

In addition to his fascist Hindu supremacist proclivities of Narendra Modi, it should be noted that his government has been profoundly corrupt, and there is no better example of this than the rise of Gauam Adjani, who parlayed his close connection with Modi and the BJP into a multi-billion dollar empire:

US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, in a stunning blow to India’s most powerful businessman and close ally of Prime Minister Narendra Modi.

Federal prosecutors alleged on Wednesday that Adani, one of the world’s richest people, and other defendants promised to pay more than $250 million in bribes to Indian government officials to win solar energy contracts, and concealed the plan as they sought to raise money from US investors. US law allows federal prosecutors to pursue foreign corruption allegations if they involve certain links to American investors or markets.

As an aside here, I am generally not a fan of US assertions of the extraterritoriality of its laws, but this one seems to apply, because some of the behavior occurred in the US. (See here)

The five-count indictment also accuses Gautam’s nephew Sagar R. Adani and Vneet S. Jaain, both executives at Adani Green Energy Ltd., of breaking federal laws.

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The indictment’s impact on Indian business and politics will be far-reaching. Not only does the Adani Group run everything from airports to power generators in the country, the conglomerate is Modi’s key partner in his efforts to build the country’s domestic infrastructure as well as widen its geopolitical influence. While the appointment of a new US Attorney in New York after the return of President Donald Trump to office early next year may impact how the case plays out, Adani’s ambitions and his relationship with the Indian government will likely be permanently altered.

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The charges mark an enormous setback for Asia’s second richest man just as his businesses were recovering from the blow dealt by short-seller Hindenburg Research’s January 2023 report that alleged fraud and corporate governance issues in the group. That episode had also incidentally forced Adani to abandon a domestic share offering by its flagship due to the resulting rout in its stock.

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The SEC, which is a civil law enforcement agency, provided detailed allegations against both Adanis and another one of the co-defendants, Cyril Sebastien Dominique Cabanes, in a parallel lawsuit. The regulator identified the firm involved in the alleged bribery scheme, which wasn’t named in the indictment, as Adani Green Energy.

According to the regulator, Gautam Adani spearheaded an effort to pay or promise hundreds of millions of dollars in bribes to Indian state government officials to induce them to enter contracts that Adani Green needed to develop India’s largest solar power plant project. At the same time, he and his nephew falsely touted the company’s compliance with antibribery principles and laws in connection with a $750 million bond offering, the SEC said.

 My guess is that this all will be dropped after Adani finds a back door way to pay off Trump, but YMMV.