International
Indian Billionaire Gautam Adani Charged With Fraud In $250M Bribery Scheme
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 raise funds in the US.
The criminal charges, filed on Wednesday in New York, represent the latest setback for the 62-year-old Adani, one of India’s wealthiest individuals, whose business empire spans ports, airports, and renewable energy.
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According to the indictment, prosecutors claim Adani and other senior executives made payments to Indian officials to secure contracts for his renewable energy company, which was expected to generate more than $2 billion in profits over 20 years.
The Adani Group has yet to respond to requests for comment.
The conglomerate has been under scrutiny in the US since 2023, when a high-profile report accused it of fraud. The allegations, which Adani has denied, triggered a significant market sell-off.
Reports of the bribery investigation have circulated for months, with prosecutors revealing that the US began its probe in 2022, but encountered obstruction during the inquiry. They allege that Adani Group executives raised $3 billion in loans and bonds, including from US firms, based on false and misleading statements about the company’s anti-bribery practices and policies, as well as the ongoing bribery investigation.
“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,” US Attorney Breon Peace said in a statement announcing the charges.
“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.
Officials stated that Mr. Adani personally met with government officials on multiple occasions to advance the alleged bribery scheme.
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Adani is a close ally of Indian Prime Minister Narendra Modi and has long faced accusations from opposition politicians, who claim that his political connections have helped him thrive—allegations he has consistently denied.
The US Attorney positions, responsible for such filings, are appointed by the president. This legal action follows shortly after Donald Trump’s victory in the presidential election, during which he vowed to overhaul the US Justice Department.
On social media last week, Mr. Adani congratulated Trump on his election win and announced plans to invest $10 billion in the US.
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