Indian Billionaire Gautam Adani Faces Fraud Charges in the US

Indian billionaire Gautam Adani has been charged with fraud in the United States, accused of orchestrating a $250 million (£198 million) bribery scheme and concealing it to secure funding in the US.

The charges, filed in New York on Wednesday, mark another setback for the 62-year-old tycoon, whose vast business empire spans industries such as ports, airports, and renewable energy. According to the indictment, Adani and senior executives allegedly paid bribes to Indian officials to secure lucrative renewable energy contracts projected to generate over $2 billion in profits over two decades.

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The Adani Group has yet to issue a response regarding the allegations.

The conglomerate has been under scrutiny in the US since 2023, following a high-profile report accusing it of fraud. Although Adani denied those claims, they triggered a significant sell-off in the markets. Reports of a bribery investigation had been circulating for months. US prosecutors revealed that the investigation began in 2022 but faced obstruction by company officials.

Prosecutors claim Adani executives raised $3 billion through loans and bonds, including from US-based firms, using false and misleading statements about the company’s anti-bribery practices and the ongoing bribery probe.

“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and concealed the scheme while raising capital from U.S. and international investors,” US Attorney Breon Peace stated. He emphasized his office’s commitment to combating corruption in global markets and protecting investors.

Officials allege Adani personally met with government representatives to further the bribery scheme.

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Adani, a close associate of Indian Prime Minister Narendra Modi, has consistently faced accusations from opposition leaders about benefiting from political connections, allegations he denies.

Notably, the charges come shortly after Donald Trump won the US presidential election, promising reforms to the Justice Department. Last week, Adani publicly congratulated Trump on his victory and pledged a $10 billion investment in the United States.