Sagar Adani, executive director of Adani Green Energy, was served with a search warrant in March 2023 by FBI special agents and was also subpoenaed by a grand jury, the Thursday U.S. District Court order said November 21.

Around March 2023, FBI special agents took steps to advance the FBI investigation and grand jury investigation that revealed the existence of these investigations, as well as certain crimes and individuals subject to investigation. an investigation to the accused Sagar Adani, with whom the information was shared. defendant Gautam Adani, the U.S. District Court order said.

The order further stated that Sagar Adani and Gautam Adani made or caused others to make false and misleading statements regarding the bribery scheme to investors, prospective investors and financial institutions.

FBI special agents also provided Sagar Adani with a copy of the search warrant on March 17, 2023, as well as a subpoena to appear before the grand jury. The search warrant identified offenses, individuals, and entities under investigation by the U.S. government, particularly violations of the FCPA, securities fraud, wire fraud, and related conspiracies involving Sagar Adani and accused Gautam Adani and Vneet Jaain, the court order added.

The search warrant further described certain evidence that could be seized, including evidence relating to payment or offer of payment, bribes, kickbacks, or the provision or offering to provide anything else of value to Indian government officials in order to obtain or retain commercial advantages. .

Pursuant to the search warrant authorized by the court, FBI special agents took possession of the electronic devices in his possession.

The news led to a sharp fall in prices of Adani group companies, with most shares falling between 10 and 25 percent during Thursday’s trading session.

Following these developments, Adani Green Energy also canceled its plan to sell US dollar-denominated bonds, according to its exchange filing on Thursday.

Adani group stocks, after this fall, have led to a total market capitalization erosion of ₹2.6 lakh crore so far.