Indian billionaire Gautam Adani has been charged in the US with fraud, accused of orchestrating a $250 million (£198 million) bribery scheme and concealing it to secure funding within the country.
The charges, filed in New York on Wednesday, mark another significant setback for the 62-year-old business magnate whose expansive empire includes ports, airports, and renewable energy ventures.
Prosecutors allege that Adani and senior executives orchestrated payments to Indian officials in exchange for contracts for his renewable energy firm, contracts projected to generate over $2 billion in profits over two decades.
The Adani Group has not yet responded to requests for comment.
The conglomerate has faced scrutiny in the US since 2023, following a high-profile report accusing the company of fraud—a claim Adani denied. This report triggered a significant sell-off in the market.
Reports of the bribery investigation had been circulating for months. Prosecutors stated that the US began probing the company in 2022 but encountered attempts to obstruct their inquiry.
Executives are accused of securing $3 billion in loans and bonds, including from US firms, using false and misleading claims about the company’s anti-bribery measures and the bribery investigation itself.
US Attorney Breon Peace said in a statement, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and… lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”
Peace further affirmed his office’s commitment to combating corruption in global markets and safeguarding investors from deceitful practices undermining the integrity of financial systems.
Prosecutors allege that Adani personally met with government officials on multiple occasions to advance the bribery scheme.
Adani is known to be a close ally of Indian Prime Minister Narendra Modi, though he has consistently denied opposition allegations that he benefits from political favoritism.
This indictment comes amidst political shifts in the US, following Donald Trump’s election victory, during which he pledged to reform the Justice Department.
Interestingly, Adani recently congratulated Trump on his electoral success via social media and announced plans to invest $10 billion in the US.
