US charges Indian billionaire with fraud
Indian billionaire Gautam Adani has been accused of fraud in the United States, facing allegations of orchestrating a $250 million (£198 million) bribery scheme and concealing it to secure funding in the US.
The criminal charges, filed on Wednesday in New York, mark another setback for the 62-year-old tycoon, one of India’s wealthiest individuals, whose vast business empire spans sectors such as ports, airports, and renewable energy.
According to the indictment, prosecutors claim Adani and senior executives approved payments to Indian officials to secure contracts for his renewable energy company, which were projected to generate over $2 billion in profits over two decades.
The Adani Group has not yet responded to requests for comment.
The conglomerate has been under scrutiny in the US since 2023, when a prominent firm published a report accusing it of fraud. While Adani denied those accusations, the report triggered a significant sell-off in the market.
Reports of the bribery investigation have circulated for months. Prosecutors revealed the US began its inquiry in 2022, alleging the investigation faced obstruction.
They further accuse executives of raising $3 billion in loans and bonds, including from US-based firms, based on false and misleading statements about the company’s anti-bribery practices and 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.
On several occasions Mr Adani met personally with government officials to advance the bribery scheme, officials said.
Mr Adani is a close ally of Indian Prime Minister Narendra Modi. He has long faced claims from opposition politicians alleging that he has benefited from his political ties, which he denies.
The US Attorney positions in the US are appointed by the president. The filing comes just weeks after Donald Trump won election to the White House, pledging to overhaul the US Justice Department.
Last week on social media, Mr Adani congratulated Trump on his election win and pledged to invest $10bn in the US.
