Indian billionaire Gautam Adani has been charged with fraud in the US, accusing him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.
The criminal charges, filed Wednesday in New York, are the latest setback for Mr. Adani, 62, one of India’s richest men, whose business empire spans from ports and airports to renewable energy. is
In the indictment, prosecutors allege that the tycoon and other senior executives agreed to payments to Indian officials to win contracts for their renewable energy company that were expected to generate more than $2 billion in profits over 20 years. was
Adani Group did not immediately respond to a request for comment.
The group has been operating under a cloud in the US since 2023, when a high-profile company published a report accusing it of fraud. The claims, which Mr Adani denied, triggered a massive sell-off in the market.
News of this bribery has been circulating for months. Prosecutors said the US launched an investigation into the company in 2022, and that the inquiry was obstructed.
They allege the executives raised $3bn in loans and bonds, including from US firms, based on false and misleading statements about the firm’s anti-bribery practices and policies, as well as reports of bribery investigations.
U.S. Attorney Brion Pace said, “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure multibillion-dollar contracts and … about the bribery scheme.” I lied because they were trying to raise capital from American and international investors.” Statement announcing the charges.
“My office is committed to rooting out corruption in international markets and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.
On several occasions, Mr. Adani personally met government officials to further the bribery scheme, officials said.
Mr. Adani is a close associate of Indian Prime Minister Narendra Modi. He has long faced claims from opposition politicians that he has benefited from his political connections, which he denies.
In the United States, US Attorney positions are appointed by the President. The filing comes just weeks after Donald Trump won election to the White House, promising to overhaul the US Justice Department.
On social media last week, Mr Adani congratulated Trump on his election victory and promised to invest $10bn in the US.
