New York, US – Indian billionaire Gautam Adani, one of India's wealthiest businessmen, has been charged with orchestrating a $250 million (£198 million) bribery scheme, according to criminal charges filed on Wednesday in New York. The allegations accuse Adani and senior executives of the Adani Group of bribing Indian officials to secure lucrative contracts for the company’s renewable energy ventures.
Prosecutors claim the alleged bribes were part of a broader plan to secure contracts expected to generate more than $2 billion in profits over 20 years. The indictment also accuses Adani and others of misleading investors and financial institutions, including those in the United States, to raise $3 billion through loans and bonds.
Allegations of Corruption
“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.
The charges stem from a US investigation launched in 2022, which prosecutors claim faced obstruction from Adani’s conglomerate. The investigation uncovered alleged false statements about the Adani Group’s anti-bribery policies and its involvement in corruption, particularly concerning its renewable energy projects.
On several occasions, Adani reportedly met with government officials in person to facilitate the bribery scheme. The 62-year-old tycoon has long been a controversial figure in India, where he is a close ally of Prime Minister Narendra Modi. Opposition politicians have often accused him of leveraging his political ties for personal gain, allegations he has consistently denied.
Fallout for Adani Group
The Adani Group has yet to respond to the latest charges. However, the conglomerate has faced intense scrutiny in the US since 2023, when a high-profile report accused it of fraud. Those claims, which Adani denied, triggered a significant market sell-off, denting investor confidence.
The timing of the charges coincides with Donald Trump’s recent election victory and his promise to reform the US Justice Department. Last week, Adani congratulated Trump on his win via social media, pledging a $10 billion investment in the US.
Implications for Global Business
The charges against Adani underscore growing international efforts to address corruption in global markets. “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.
The case could have significant repercussions for Adani's sprawling business empire, which spans ports, airports, and renewable energy. It also raises questions about corporate governance and political connections within one of India's largest conglomerates.
As the legal proceedings unfold, the future of the Adani Group and its impact on global markets remain uncertain.
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