NEW YORK, Nov 21 (BBC): Indian billionaire Gautam Adani has been charged with fraud in the US, accused of orchestrating a $250 million (£198 million) bribery scheme and concealing it to raise money in the US. The criminal charges, filed on Wednesday in New York, are the latest blow to the 62-year-old tycoon, whose business empire spans from ports and airports to renewable energy.
Prosecutors allege that Adani and other senior executives agreed to payments to Indian officials to secure contracts for his renewable energy company, expected to yield more than $2 billion in profits over 20 years. The Adani Group has not yet responded to requests for comment.
The conglomerate has been under scrutiny in the US since 2023, when a high-profile report accused it of fraud, leading to a major market sell-off. Adani denied the claims. Reports of the bribery probe have been circulating for months, with prosecutors stating that the US began investigating the company in 2022 and encountered obstruction.
Executives allegedly raised $3 billion 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 the bribery probe. US Attorney Breon Peace said, “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 added, “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.”
Officials stated that Adani personally met with government officials to advance the bribery scheme. Adani, a close ally of Indian Prime Minister Narendra Modi, has long faced claims from opposition politicians alleging that he has benefited from his political ties, which he denies.
The US Attorney positions are appointed by the president. The filing comes just weeks after Donald Trump won the election to the White House, pledging to overhaul the US Justice Department. Last week, Adani congratulated Trump on his election win and pledged to invest $10 billion in the US.
