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

The United States Department of Justice (DOJ) has indicted Gautam Adani, one of India’s wealthiest individuals, alongside seven associates for allegedly offering $250 million in bribes to secure energy contracts, according to Al Jazeera.

The indictment accuses Adani, a close ally of Indian Prime Minister Narendra Modi, of violating the US Foreign Corrupt Practices Act.

Adani’s nephew, Sagar Adani, and Vneet S. Jaain, executives at Adani Green Energy, are named among those charged.

Prosecutors claim the bribes were intended to secure contracts for a solar power plant that could yield over $2 billion in profits over 20 years.

Adani Group allegedly misled international investors to raise over $3 billion through bonds and loans.

In a statement, the Adani Group denied the allegations, calling them “baseless” and asserting its commitment to governance and transparency.

The charges follow a series of controversies, including a 2023 report by Hindenburg Research accusing the conglomerate of stock manipulation and fraud.

Opposition leaders in India, including Congress Party’s Rahul Gandhi, have called for Adani’s arrest, accusing PM Modi of shielding his ally.

The DOJ alleges that Adani executives documented bribe details on mobile devices and deleted evidence to obstruct justice.

While the defendants, mostly Indian citizens, remain in India, US prosecutors are expected to seek international cooperation for potential extradition.

The legal challenges have already shaken the Adani Group, with shares plummeting by up to 20% and a $600 million bond sale canceled.

Despite the mounting scrutiny, Adani’s close ties to political leaders, including Modi, have sparked debate about crony capitalism in India.

The case casts a shadow over the business tycoon’s global ventures and underscores growing international scrutiny of corporate misconduct.