Indian billionaire Gautam Adani, one of the country’s richest men, has been charged with fraud in the United States, accused of orchestrating a $250 million (£198m) bribery scheme and concealing it to secure funding in the US.
The criminal charges, filed on Wednesday in New York, mark a significant setback for the 62-year-old tycoon, whose vast business empire spans industries such as ports, airports, and renewable energy.
According to the indictment, US prosecutors allege that Adani and senior executives from his conglomerate agreed to pay bribes to Indian officials to secure lucrative contracts for his renewable energy business. These contracts were projected to generate more than $2 billion in profits over two decades.
The Adani Group has not yet issued a response to the allegations.
The conglomerate has faced scrutiny in the US since 2023, following the release of a high-profile report accusing it of fraudulent activities. Although Adani denied the claims, the report triggered a significant market sell-off.
The bribery investigation, reportedly ongoing for months, began in 2022, according to prosecutors. They claim their inquiry faced obstruction and allege that the company raised $3 billion through loans and bonds, including from US firms, by making false and misleading statements regarding its anti-bribery practices and policies, as well as the bribery investigation itself.
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and concealed the scheme while seeking capital from U.S. and international investors,” said US Attorney Breon Peace in a statement.
“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who exploit the integrity of our financial markets for personal gain,” he added.
Officials also allege that Adani personally met with Indian government representatives on several occasions to advance the bribery scheme.
Adani, a close ally of Indian Prime Minister Narendra Modi, has long faced accusations from opposition politicians of benefiting from his political connections—a claim he denies.
The charges were announced against the backdrop of a political shift in the US. The US Attorney roles are appointed by the president, and this filing comes just weeks after Donald Trump’s recent election victory. Trump has pledged significant changes to the US Justice Department.
Last week, Adani took to social media to congratulate Trump on his election win and pledged to invest $10 billion in the US, raising further questions about the timing of these developments.
