US charges Indian billionaire with fraud

The US has accused Indian billionaire Gautam Adani of committing fraud by planning a $250 million (£198 million) bribery plot and hiding it in order to raise money in the US.


The criminal allegations, which were brought in New York on Wednesday, are the most recent setback for Mr. Adani, 62, who is one of the wealthiest men in India and whose company empire encompasses renewable energy, ports, and airports.


Prosecutors claimed in the indictment that the businessman and other top executives had consented to pay Indian officials in order to secure contracts for his renewable energy business, which is anticipated to generate over $2 billion in revenue more than 20 years.


A request for comment was not immediately answered by the Adani Group.




Since a well-known organization released a report accusing the corporation of fraud in 2023, it has been operating under a cloud in the US. A significant market sell-off resulted from the allegations, which Mr. Adani refuted.


For months, there have been rumours of this bribery investigation. According to the prosecution, the US began looking into the business in 2022 but discovered that it was blocked.


They claim that executives obtained $3 billion in bonds and loans, including from US companies, based on allegations of the bribery investigation and false and deceptive claims about the company's anti-bribery rules and practices.


The accused allegedly planned a complex scheme to corrupt the Indian government over 20 years.


The Adani Group did not immediately respond to a request for comment.




The company has been operating under a cloud in the United States since 2023, when a prominent organization published a study accusing it of fraud. The accusations caused a large market sell-off, which Mr. Adani denied.


Rumours of this bribery inquiry have been going around for months. The prosecution claims that when the US started investigating the company in 2022, they found it was prohibited.


They allege that officials used false and misleading statements regarding the company's anti-bribery policies and procedures, as well as accusations of the bribery investigation, to get $3 billion in bonds and loans, including from US corporations.


The defendant reportedly devised a sophisticated plan to taint the Indian government In a statement announcing the accusations, US Attorney Breon Peace said, "They lied about the bribery scheme in order to raise capital from U.S. and foreign investors and to secure contracts worth billions of dollars."

He continued, "My office is dedicated to eliminating corruption in the global marketplace and safeguarding investors against those who would undermine the integrity of our financial markets in order to enrich themselves."

According to officials, Mr. Adani personally met with government representatives on multiple occasions to further the bribery plot.

Indian Prime Minister Narendra Modi has a close relationship with Mr. Adani. Opposition lawmakers have long accused him of profiting from his political connections, an accusation he refutes.

The roles of the US Attorney in the US are chosen by the head of state. The filing was made only a few weeks after Donald Trump promised to restructure the US Justice Department when he was elected president.

On social media last week, Mr. Adani congratulated Trump on winning the election and promised to invest $10 billion in the United States.