NEW YORK, Nov 15 – Indian billionaire Gautam Adani has been charged with orchestrating a $250 million bribery scheme and concealing it to raise funds in the United States, according to an indictment filed by US prosecutors in New York on Wednesday.

The charges allege that Adani, one of India’s wealthiest businessmen, and senior executives from his renewable energy company, arranged bribes to Indian officials to secure lucrative contracts. These contracts were projected to generate over $2 billion in profits over the next two decades.

The Adani Group, a conglomerate spanning industries from ports and airports to renewable energy, has not yet issued a statement on the matter.

Details of the Allegations

Prosecutors accuse the Adani Group of raising $3 billion through loans and bonds, including from US investors, while providing false and misleading statements regarding its anti-bribery policies and the ongoing bribery investigation. The inquiry, initiated in 2022, was reportedly obstructed by the company.

“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 US and international investors,” said US Attorney Breon Peace in a statement.

Peace emphasized the commitment to protecting the integrity of financial markets and rooting out international corruption.

Market Impacts and Political Implications

Adani has faced scrutiny since 2023, following a high-profile report accusing the conglomerate of fraud, which he denied. The allegations led to a significant market sell-off, casting a shadow over the group’s operations, particularly in the US.

Adani, a known ally of Indian Prime Minister Narendra Modi, has long faced allegations of leveraging political connections for business gains. Opposition politicians in India have frequently raised concerns about the perceived close ties, which Adani has consistently denied.

A Global Context

The timing of the charges coincides with US political changes, as the Department of Justice undergoes shifts following Donald Trump’s recent re-election as president. In a social media post last week, Adani congratulated Trump on his victory and pledged a $10 billion investment in the US.

This indictment adds another layer of controversy to Adani’s already embattled business empire, which has been under scrutiny for alleged corporate governance lapses and regulatory violations on a global scale.