Three former employees of the Quebec Pension Fund (Caisse de dépôt et placement du Québec) have been accused of participating in a large-scale bribery scheme involving Indian billionaire Gautam Adani, one of the world's richest individuals and a close ally of Indian Prime Minister Narendra Modi.
According to data presented in a U.S. court in Brooklyn, the employees allegedly agreed to pay over $250 million (USD) in bribes to Indian officials to secure lucrative solar energy contracts worth more than $2 billion.
Who Are the Key Figures?
- Cyril Caban – Former Managing Director for the Asia-Pacific region.
- Saurabh Agarwal – Former Head of Caisse operations in India.
- Deepak Malhotra – Former Infrastructure Director for South Asia.
In addition to bribery, they are accused of attempting to obstruct the investigation by destroying documents and providing false information.
Between 2020 and 2024, the accused allegedly participated in a scheme to obtain solar energy contracts through bribery of Indian officials. In 2022, they also agreed to conceal evidence related to the case.
The central figure in the case, Gautam Adani, head of the Adani Group, is also accused of securities fraud.
The Adani Green Energy Ltd. project was presented to investors as legitimate; however, according to prosecutors, it involved multimillion-dollar bribes to Indian officials.
The Quebec Pension Fund confirmed that the accused employees were dismissed in 2023 and stated that the organization is cooperating with U.S. authorities. Adani has denied the allegations, calling them "baseless" and pledging to defend himself in court.
At present, none of the accused have been arrested. This case has gained widespread attention due to the scale of the alleged corruption, the involvement of high-ranking individuals, and the potential impact on U.S. financial markets.
This story was first published on November 22, 2024, by a Canadian news agency.
