Indian Tycoon Gautam Adani Faces US Fraud Charges Over $250m Bribery Scheme
Indian billionaire Gautam Adani has been charged with orchestrating a $250 million (£198 million) bribery scheme, according to allegations filed in a New York court. The US indictment accuses Adani and senior executives of paying bribes to Indian officials to secure renewable energy contracts projected to generate over $2 billion in profits over 20 years.
The 62-year-old magnate, whose Adani Group operates across sectors like ports, airports, and renewable energy, is also accused of concealing the scheme to raise $3 billion through loans and bonds, including from US investors. Prosecutors claim the group provided misleading information about its anti-bribery practices and obstructed the investigation launched in 2022.
US Attorney Breon Peace stated, “The defendants orchestrated an elaborate scheme to bribe Indian government officials… and lied about it to raise capital from US and international investors.” He emphasized the commitment to tackling corruption and protecting financial market integrity.
Adani, known for his close ties to Indian Prime Minister Narendra Modi, has previously faced allegations of benefiting from political connections, which he denies. The Adani Group has not responded to the charges.
The indictment adds to ongoing scrutiny, including a 2023 report alleging fraud that triggered a market sell-off. This comes just days after Adani publicly congratulated Donald Trump on his presidential victory, pledging a $10 billion US investment.