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Gautam Adani, one of India’s wealthiest businessmen, now finds himself facing serious legal repercussions in the United States, where he is accused of orchestrating a $250 million (£198 million) bribery scheme. The fraud charges assert that Adani deliberately hid the illicit activities in order to secure funds from US investors, further complicating his already high-profile business dealings.
The legal charges, lodged on Wednesday in New York, deal a significant blow to Gautam Adani, 62, whose status as one of India’s wealthiest men has been built upon a sprawling business empire encompassing everything from ports and airports to renewable energy. These new accusations have cast a long shadow over his financial standing.
Prosecutors, in their indictment, allege that the billionaire and other top executives conspired to bribe Indian officials in order to secure contracts for his renewable energy company, a venture projected to generate upwards of $2 billion in profits over the next 20 years.
No immediate comment was forthcoming from the Adani Group regarding the matter. The conglomerate has faced mounting challenges in the U.S. since 2023, when a well-known company accused it of fraudulent practices in a widely publicized report. Mr. Adani has consistently denied the allegations, but they were enough to provoke a major sell-off in the market.
The bribery probe has been the focus of reports circulating over the past few months. Prosecutors have stated that the U.S. began its investigation into the company in 2022, but found their efforts to pursue the case obstructed by significant resistance.
They allege that executives raised $3bn in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm’s anti-bribery practices and policies, as well as reports of the bribery probe.
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“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and… lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” US Attorney Breon Peace said 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,” he added.
On several occasions Mr Adani met personally with government officials to advance the bribery scheme, officials said.
A close confidant of Indian Prime Minister Narendra Modi, Mr. Adani has long been the subject of accusations from opposition figures who allege that his political connections have provided him with undue advantages—a claim he has consistently denied.
The U.S. Attorney positions, which hold substantial influence within the country’s legal framework, are appointed by the sitting president. This filing, which has garnered attention, follows closely behind Donald Trump’s electoral victory, during which he made strong pledges to transform the Justice Department’s operations.
In a show of support on social media last week, Mr. Adani congratulated Donald Trump on his successful election bid, simultaneously committing to invest a massive $10 billion into the U.S., underscoring his faith in the nation’s economic prospects under Trump’s leadership.
