'Bribe notes' with per megawatt rates: Case filings detail Sagar Adani's role in the scandal
Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials on his mobile phone, court filings show.
U.S. prosecutors called the notes on Adani's phone «bribe notes.»
In those notes, Sagar Adani, nephew of the Indian conglomerate's billionaire founder Gautam Adani, noted the amount of the bribe he offered, which government official had been offered the money and how much solar power the official's region would buy in return. He even identified a per megawatt bribe rate to secure the power contracts, the court filings show.
In discussing how the bribery scheme was moving along in 2020, Sagar Adani remarked in a WhatsApp message: «Yup...but the optics are very difficult to cover.»
Those optics became impossible to cover on Wednesday when Sagar Adani, his uncle Gautam, one of the world's richest men, and six others were indicted for fraud by U.S. prosecutors over their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals expected to yield $2 billion in profit over 20 years. The U.S. Securities and Exchange Commission also filed a parallel civil case.
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