Indian Billionaire Gautam Adani Charged in US Over Alleged $250 Million Bribery Scheme

Gautam Adani, the Indian billionaire and chairman of the Adani Group, has been charged by federal prosecutors in New York for an alleged multi-million-dollar bribery scheme involving Indian government officials. The charges, which include securities fraud, stem from a scheme in which more than $250 million in bribes were paid between 2020 and 2024 to secure favorable terms on solar power contracts worth over $2 billion in profit.

Adani, along with seven other defendants—including his nephew Sagar Adani—faces accusations of concealing the bribery payments from US investors and banks. The scheme allegedly involved payments to Indian officials to secure government contracts for Adani Green and Azure Power, two renewable energy companies under the Adani Group. The bribes were purportedly intended to ensure the government purchased energy at above-market rates.

The case comes on the heels of previous controversies surrounding Adani Group, including allegations of accounting fraud and stock manipulation last year by Hindenburg Research. The US Securities and Exchange Commission (SEC) has also filed a civil lawsuit, accusing the Adani companies of misrepresenting their anti-bribery practices to US investors.

Adani, known for his extensive business empire in India, has yet to respond to the latest charges. The indictments, which include former employees of Canadian pension fund CDPQ, threaten to escalate the reputational crisis surrounding the Adani Group.