Indian billionaire Gautam Adani faces fraud charges in the US for allegedly orchestrating a $250 million bribery scheme. The charges claim Adani concealed the scheme to raise funds in the US.
Filed in New York on Wednesday, the indictment marks another setback for Adani, 62, whose vast business empire spans ports, airports, and renewable energy. Prosecutors allege he and senior executives bribed Indian officials to secure lucrative contracts for his renewable energy company. These contracts were projected to generate over $2 billion in profits across 20 years.
The Adani Group has not yet commented on the allegations.
Since 2023, the conglomerate has been under scrutiny in the US after a critical report accused it of fraud. While Adani denied those claims, the report triggered a massive sell-off in the markets.
Prosecutors said the US investigation began in 2022 but faced obstruction. They accuse executives of securing $3 billion in loans and bonds, including from US firms, by providing misleading statements about anti-bribery policies and the ongoing probe.
US Attorney Breon Peace stated, “The defendants orchestrated a scheme to bribe Indian officials for billion-dollar contracts and misled investors about it. Our office is committed to combating corruption and protecting financial markets.”
Officials claim Adani personally met Indian government officials to facilitate the bribery. His political ties to Indian Prime Minister Narendra Modi have long drawn criticism, though Gautam Adani denies benefiting from those connections.
The filing coincides with political shifts in the US. Shortly after Donald Trump’s election victory, Adani publicly congratulated Trump on social media and pledged a $10 billion US investment.
This case adds pressure to Gautam Adani embattled empire while renewing focus on international corporate transparency.
Adani’s co-defendants include his nephew Sagar Adani, the executive director of Adani Green Energy’s board, and Vneet Jaain, who was the company’s chief executive from 2020 to 2023 and remains managing director of its board.
Online court records did not list a lawyer who could speak on Adani’s behalf. An email message seeking comment was left with an arm of his conglomerate, the Adani Group. Emails were also sent to lawyers representing his co-defendants. Sagar Adani’s lawyer, Sean Hecker, declined the comment. The others did not immediately respond.
