Indian billionaire Gautam Adani charged in US with bribery
Indian billionaire Gautam Adani has been charged with fraud in the United States, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.
The indictment marks a significant setback for the 62-year-old tycoon, whose vast business empire spans industries such as ports, airports, and renewable energy. Prosecutors claim that Adani and top executives from his firm agreed to bribe Indian officials to secure lucrative contracts for his renewable energy company. These contracts were expected to generate over $2 billion in profits over two decades.
Adani’s conglomerate has faced scrutiny in the US since 2023, following a report by a prominent research firm accusing the group of fraud. Although Adani denied the allegations, the report triggered a significant sell-off in the market.
The bribery investigation reportedly began in 2022, with prosecutors alleging obstruction during the inquiry. According to the charges, the company raised 3 billion dollar in loans and bonds, some from US entities, based on misleading claims about its anti-bribery policies and the ongoing probe.
'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 US and international investors,' said US Attorney Breon Peace in a statement.
Gautam Adani, a close ally of Indian Prime Minister Narendra Modi, has long been accused by opposition politicians of leveraging political connections for personal gain—a claim he firmly denies.
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