NEW YORK, USA – Indian billionaire Gautam Adani has been charged with fraud and bribery in the United States, marking a major escalation in legal troubles for the 62-year-old business magnate.
Prosecutors in New York allege Adani orchestrated a Ksh32 billion ($250 million) bribery scheme to secure lucrative renewable energy contracts in India while concealing the misconduct to attract investments from U.S. firms.
The indictment, unsealed Wednesday, accuses Adani and senior executives of paying bribes to Indian government officials in exchange for contracts expected to generate over Ksh259 billion ($2 billion) in profits over two decades.
The Adani Group, whose ventures span ports, airports, and renewable energy, did not immediately respond to requests for comment.
U.S. Attorney Breon Peace, announcing the charges, described an “elaborate scheme” where Adani and his associates misrepresented the company’s anti-bribery compliance to secure Ksh370 billion ($3 billion) in loans and bonds, including funds from American investors.
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and then lied about the bribery scheme to raise capital from U.S. and international investors,” Peace said in a statement.
He emphasized the Justice Department’s commitment to combatting corruption in global markets.
The charges follow an investigation launched in 2022, which prosecutors claim was obstructed by Adani’s associates.
These developments come amid ongoing scrutiny of Adani’s empire, which faced a massive sell-off in 2023 after a report by a U.S.-based financial research firm accused it of fraud. Adani has consistently denied those allegations.
Adani, a close ally of Indian Prime Minister Narendra Modi, has long faced accusations from opposition politicians of leveraging his political connections to expand his business empire.
While he denies these claims, the timing of the U.S. charges has raised eyebrows.
The indictment was filed just weeks after Donald Trump’s return to the White House.
Trump, who has vowed to reform the U.S. Justice Department, recently received public congratulations from Adani, who pledged Ksh1.2 trillion ($10 billion) in investments in the U.S.
Prosecutors allege Adani personally met with Indian officials to advance the bribery scheme.
However, questions remain about how the charges could impact his global ventures, including the Adani Group’s ongoing U.S. operations.
This case adds to the mounting challenges for one of India’s most influential businessmen, whose reputation has come under intense international scrutiny in recent years.
Prosecutors in New York allege Adani orchestrated a Ksh32 billion ($250 million) bribery scheme to secure lucrative renewable energy contracts in India while concealing the misconduct to attract investments from U.S. firms.
The indictment, unsealed Wednesday, accuses Adani and senior executives of paying bribes to Indian government officials in exchange for contracts expected to generate over Ksh259 billion ($2 billion) in profits over two decades.
The Adani Group, whose ventures span ports, airports, and renewable energy, did not immediately respond to requests for comment.
U.S. Attorney Breon Peace, announcing the charges, described an “elaborate scheme” where Adani and his associates misrepresented the company’s anti-bribery compliance to secure Ksh370 billion ($3 billion) in loans and bonds, including funds from American investors.
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and then lied about the bribery scheme to raise capital from U.S. and international investors,” Peace said in a statement.
He emphasized the Justice Department’s commitment to combatting corruption in global markets.
The charges follow an investigation launched in 2022, which prosecutors claim was obstructed by Adani’s associates.
These developments come amid ongoing scrutiny of Adani’s empire, which faced a massive sell-off in 2023 after a report by a U.S.-based financial research firm accused it of fraud. Adani has consistently denied those allegations.
Adani, a close ally of Indian Prime Minister Narendra Modi, has long faced accusations from opposition politicians of leveraging his political connections to expand his business empire.
While he denies these claims, the timing of the U.S. charges has raised eyebrows.
The indictment was filed just weeks after Donald Trump’s return to the White House.
Trump, who has vowed to reform the U.S. Justice Department, recently received public congratulations from Adani, who pledged Ksh1.2 trillion ($10 billion) in investments in the U.S.
Prosecutors allege Adani personally met with Indian officials to advance the bribery scheme.
However, questions remain about how the charges could impact his global ventures, including the Adani Group’s ongoing U.S. operations.
This case adds to the mounting challenges for one of India’s most influential businessmen, whose reputation has come under intense international scrutiny in recent years.
