New Delhi: Billionaire industrialist Gautam Adani, one of India’s most prominent business magnates, has been charged with fraud in the United States. The indictment, filed in New York on Wednesday, accuses Mr. Adani and senior executives of orchestrating a $250 million bribery scheme to secure lucrative renewable energy contracts in India.
The US prosecutors allege that the payments were made to Indian officials to win contracts expected to generate profits exceeding $2 billion over the next two decades. The Adani Group has not issued a statement in response to the charges.
The criminal charges add to a series of setbacks for the 62-year-old tycoon, whose empire spans ports, airports, and renewable energy ventures. The Adani Group has faced scrutiny in the US since 2023, following a report by a high-profile research firm accusing it of fraud. While Mr. Adani vehemently denied those claims, the report triggered a massive sell-off in his company’s stock.
According to the indictment, US investigators began probing the Adani Group in 2022 but encountered obstruction during the inquiry. Prosecutors allege that the conglomerate secured $3 billion in loans and bonds, including from US firms, by providing false and misleading statements about its anti-bribery policies and concealing the bribery probe.
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 US and international investors. My office is committed to rooting out corruption in the international marketplace and protecting investors.”
Reports suggest that Mr. Adani personally met with government officials on multiple occasions to advance the scheme.
Mr. Adani’s close association with Indian Prime Minister Narendra Modi has often been a point of contention in domestic politics. Opposition parties have frequently accused Mr. Adani of leveraging his political connections to expand his business empire—allegations that he has consistently denied.
The timing of the charges has raised eyebrows, coming just weeks after Donald Trump’s return to the White House. Mr. Adani recently congratulated Mr. Trump on his election win and announced plans to invest $10 billion in the US.
The developments could have far-reaching implications for Mr. Adani’s global business interests and his standing in India’s corporate and political circles.
Further details on the case and its potential ramifications are awaited as investigations continue.