Indian billionaire faces U.S. fraud charges over $250m bribery scheme

Indian billionaire Gautam Adani has been charged in the United States with fraud, accused of orchestrating a $250 million bribery scheme to secure contracts and raise funds in the U.S. The criminal charges, filed in New York on Wednesday, are the latest setback for the 62-year-old industrialist whose business empire spans ports, airports, and renewable energy.

According to the indictment, Adani and senior executives allegedly facilitated payments to Indian officials to win contracts for his renewable energy company. These deals were projected to yield over $2 billion in profits across two decades.

Prosecutors claim that the Adani Group raised $3 billion in loans and bonds, including from U.S. investors, by making false and misleading statements about its anti-bribery practices and concealing an ongoing investigation into the bribery scheme. Reports of the probe had been circulating since 2022, with authorities alleging the company obstructed the inquiry.

The Adani Group has yet to issue a statement regarding the charges.

U.S. Attorney Breon Peace said the defendants orchestrated a scheme to bribe Indian government officials while misleading international investors to secure billions of dollars in contracts. He emphasized the importance of maintaining integrity in financial markets and reiterated his office’s commitment to combating corruption.

Officials added that Adani personally engaged with government figures to advance the bribery scheme.

The Adani Group has faced scrutiny before. In 2023, a report accused the conglomerate of fraud, triggering a market sell-off. Adani denied the claims, but the fallout dented the company’s reputation, particularly in the U.S.

The new charges come shortly after Donald Trump’s return to the White House. Trump, who has pledged to reform the U.S. Justice Department, received public congratulations from Adani following his election win. Adani also announced plans to invest $10 billion in the U.S., raising questions about the timing of these developments.

Adani, known for his close ties to Indian Prime Minister Narendra Modi, has long faced allegations from opposition politicians accusing him of benefiting from political favoritism. While he has consistently denied these claims, the U.S. charges further intensify scrutiny of his business practices and political connections. The case is likely to draw global attention as it unfolds, with significant implications for Adani’s extensive business ventures and reputation on the international stage.