NEW DELHI, Nov 21 (Reuters) - Indian billionaire Gautam

Adani has been indicted by U.S. prosecutors for conspiring with

executives of a formerly New York listed company to devise a

$265 million scheme to bribe Indian officials to boost their

solar energy business.

Adani Group denied the allegations as "baseless", while

Indian government officials haven't commented so far.

Here is an overview of the investigation and allegations

revealed in the U.S. indictment:

WHAT ARE THE MAIN ALLEGATIONS?

U.S. prosecutors charged Gautam Adani, his nephew Sagar

Adani who is director at Adani Green, and six others with

alleged bribery and fraud related to renewable energy projects

in India that benefitted the tycoon's company and India's Azure

Power, which was listed on the NYSE until late 2023.

In 2020, the unsealed indictment from Wednesday shows,

executives of Adani Green and Azure "knowingly and wilfully

conspired" and agreed to "corruptly" offer, authorise and pay

bribes to government officials in India to "obtain or retain

business advantages".

Adani and his executives have also been accused of making

false and misleading statements to investors and lenders in the

United States regarding the company's anti-bribery commitments

and practices while raising money from them.

Between 2021 and 2024, Adani raised more than $3 billion in

loans and bonds, including from investors in the United States.

"Gautam and Sagar Adani were engaged in the bribery scheme

during a September 2021 note offering by Adani Green that raised

$750 million, including approximately $175 million from U.S.

investors. The Adani Green offering materials included

statements about its anti-corruption and anti-bribery efforts

that were materially false or misleading," the U.S. Securities

and Exchange Commission said.

The Adanis earlier this year made misleading statements to

the public, the Indian stock exchange and investors despite

being made aware of the U.S. investigation in 2023, the

prosecutors alleged.

HOW WERE BRIBES TRACKED, PAID?

Sagar Adani, executive director of Adani Green and nephew of

Gautam Adani, used his mobile phone to track details of the

bribes offered to Indian officials, U.S. authorities alleged.

Executives from Azure also prepared an analysis using Excel

and PowerPoint to summarise the different ways in which it could

repay Adani Green for the bribes it had paid to benefit both

companies.

One way discussed was to describe the payment internally at

Azure as a "development fee", but it instead used another option

of getting Azure to transfer one of its projects to Adani in

lieu of part of the payment, U.S. authorities alleged.

Azure in a statement said former officers of the company

referenced in the U.S. indictment were no longer associated with

the company, and the company continued to cooperate with U.S.

authorities.

WHAT WERE THE POWER PROJECTS IN QUESTION?

U.S. authorities called the dealings in their indictment

"The Corrupt Solar Project".

Between 2019 and 2020, Adani Green and Azure were awarded

renewable energy tenders by Solar Energy Corporation of India

(SECI), a federal government-owned entity.

The project involved building solar plants in several Indian

states.

U.S. authorities alleged Adani and others devised a scheme

to bribe Indian state government officials to enter into

agreements with SECI, "which would benefit" Adani subsidiaries

and Azure.

HOW DID U.S. FEDERAL AGENTS INVESTIGATE, SEIZE EVIDENCE?

In March 2023, FBI special agents approached Sagar Adani

with details of the grand jury's ongoing investigation into the

group and other entities. They took custody of electronic

devices in Sagar's possession and served him with a search

warrant and grand jury subpoena.

The search warrant identified offences, individuals and

entities under investigation by the U.S. for violations of the

Foreign Corrupt Practices Act, securities fraud, and wire fraud.

WHAT'S NEXT FOR THE ADANI GROUP?

Adani Group in a statement said it would seek "all possible

legal recourse".

Indian lawyers said there was a possibility the matter could

be settled between the Indian tycoon and U.S. authorities, and

the billionaire can also seek a dismissal of the indictment.

Debopriyo Moulik, a criminal lawyer in New Delhi, said that

since an arrest warrant had been issued by U.S. authorities,

they would have to approach the Indian government through the

Indian embassy to execute it.

The grand jury in its order said if any of the executives

were found guilty of the charges they would have to forfeit any

property or proceeds derived directly or indirectly as a result

of the offences.