Gautam Adani faces fraud charges in the US over a $250M bribery scheme.
Indian billionaire Gautam Adani, one of the wealthiest individuals in India, has been charged with fraud in the United States. The US authorities accuse him of orchestrating a massive bribery scheme worth $250 million to secure business contracts for his renewable energy company. The criminal charges, filed in New York on Wednesday, are the latest in a series of challenges for the 62-year-old mogul, whose business empire spans ports, airports, and energy.
According to the indictment, Adani, along with senior executives at the Adani Group, allegedly paid bribes to Indian government officials to secure lucrative contracts for his renewable energy projects, which were projected to generate more than $2 billion in profits over two decades. The scheme allegedly involved misleading US investors by falsely claiming that the Adani Group had strong anti-bribery practices.
The charges also state that the tycoon and his team raised $3 billion in loans and bonds from international investors, including US firms, based on fraudulent claims about the company’s ethics and anti-bribery policies. The probe, which began in 2022, was reportedly obstructed by Adani and his executives.
US Attorney Breon Peace, who announced the charges, emphasized the importance of holding individuals accountable for such misconduct. “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,” he said.
This is not the first time the Adani Group has faced controversy in the US. Back in 2023, a report published by a prominent company accused the conglomerate of fraudulent practices, leading to a significant market sell-off. While Adani denied these claims, the allegations raised concerns about the company’s operations.
Adani is also known for his close ties to Indian Prime Minister Narendra Modi, with opposition politicians frequently alleging that he has benefited from these connections—a claim that Adani has consistently denied.
The charges come at a time of significant political change in the US. In the wake of Donald Trump’s victory in the 2024 election, which resulted in his return to the White House, Adani congratulated the former president and pledged a $10 billion investment in the US.
While the Adani Group has not yet responded to the charges, this legal battle marks another chapter in the complex and highly scrutinized career of the Indian billionaire.
