Indian billionaire Gautam Adani has been charged with fraud in the US, accusing him of carrying out and concealing a $250m (£198m) bribery scheme to raise funds in the US.
The criminal charges, filed in New York on Wednesday, are the latest blow to Mr Adani, 62, one of India’s richest men, whose business empire stretches from ports and airports to renewable energy.
In the indictment, prosecutors alleged that the tycoon and other senior executives had agreed to pay off Indian officials to win contracts for his renewable energy company, which was expected to generate profits of more than $2 billion over 20 years. .
Adani Group did not immediately respond to a request for comment.
The group has been operating under suspicion in the US since 2023, when a high-profile company published a report accusing it of fraud. The claims, which Mr Adani denied, prompted a major selloff in the market.
The report of this bribery investigation has been circulating for months. Prosecutors said the US began investigating the company in 2022 and found the investigation obstructed.
They allege that officials raised $3 billion in loans and bonds, including from U.S. companies, based on false and misleading statements related to the firm’s anti-bribery practices and policies, as well as reports of bribery investigations.
U.S. Attorney Brian Peace said, “As charged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure billion-dollar contracts and lied about the bribery scheme as they sought to attract American and international investors. Were trying to raise capital from.” A statement announcing the charges.
“My office is committed to rooting out corruption in international markets and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he said.
Officials said Mr. Adani personally met government officials on several occasions to further the bribery scheme.
Mr Adani is a close aide of Indian Prime Minister Narendra Modi. He has long faced claims from opposition politicians alleging that he has benefited from his political connections, which he denies.
In the United States, US Attorney positions are appointed by the President. This filing comes just weeks after Donald Trump won the election to the White House, in which he promised to overhaul the US Justice Department.
Last week on social media, Mr Adani congratulated Trump on his election victory and promised to invest $10 billion in the US.
