US Files Fraud Charges Against Indian Billionaire
Indian billionaire Gautam Adani has been charged with fraud in the United States, accused of orchestrating a $250 million bribery scheme to secure contracts and conceal it while raising funds in the US.
The criminal charges, filed on Wednesday in New York, mark another setback for Adani, 62, one of India’s wealthiest individuals, whose business empire spans ports, airports, and renewable energy.
The indictment alleges that Adani, along with senior executives, arranged bribes for Indian officials to secure contracts for his renewable energy company, which was expected to generate over $2 billion in profits over the next 20 years.
The Adani Group did not immediately respond to requests for comment. The conglomerate has faced scrutiny in the US since 2023, when a prominent research firm published a report accusing it of fraud—a claim Adani denied—leading to a significant market sell-off.
Reports about the bribery probe have circulated for months. US prosecutors said the investigation into the company began in 2022, but they allege that the inquiry was obstructed.
Authorities claim Adani’s executives raised $3 billion in loans and bonds, including from US-based firms, based on false and misleading statements about the company’s anti-bribery practices and its handling of the bribery probe.
“As alleged, the defendants orchestrated a complex scheme to bribe Indian government officials in order to secure contracts worth billions of dollars and then lied about the scheme while seeking to raise capital from US and international investors,” said US Attorney Breon Peace in a statement announcing the charges.
“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” Peace added.
Prosecutors say Adani personally met with government officials on several occasions to advance the bribery scheme.
Adani, a close ally of Indian Prime Minister Narendra Modi, has long faced allegations from opposition politicians suggesting that his political ties have helped him prosper, which he has consistently denied.
The filing comes shortly after Donald Trump’s election victory, with the former president pledging to overhaul the US Justice Department. Last week, Adani congratulated Trump on his win via social media and announced plans to invest $10 billion in the US.