Gautam Adani, India’s prominent businessman who heads the powerful Adani Group, along with seven associates has been charged in the US for alleged involvement in a $2 billion fraud and bribery scheme. US prosecutors has accused the group of paying $265 million in bribes to Indian government officials to secure highly lucrative solar energy contracts.
The indictment claims Adani and his team misrepresented financial information to secure loans and bonds exceeding $3 billion, violating the US Foreign Corrupt Practices Act. Prosecutors have alleged that the conspirators used code names like “Numero Uno” and “The Big Man” for Adani himself. Arrest warrants have been issued for Adani, his nephew Sagar Adani and several others, according to a report published by Business Today, which is controlled by the India Today Group.
The report quoted US Deputy Assistant Attorney General Lisa H. Miller as saying that the charges alleged a scheme involving over $250 million in bribes, false statements to investors and banks and attempts to obstruct justice. Meanwhile, the US Securities and Exchange Commission has filed a parallel civil case, adding to the Adani Group’s legal troubles.
Coincidentally, on the day the charges were announced, Adani revealed a new investment in green energy and congratulated US President-elect Donald Trump on his recent victory. Trump’s promise of energy deregulation has led to speculation about the timing of Adani’s announcement.
Just before the indictment, Adani Group successfully raised $600 million through an oversubscribed bond sale, following a previous failed attempt due to investor concerns. This indictment brings fresh challenges for Adani, who already faced damaging allegations from Hindenburg Research in January 2023, accusing him of stock manipulation and misuse of offshore tax havens — a report that resulted in a $150 billion drop in the Adani Group’s market value, though the company denied the accusations.
However, the Indian Supreme Court had given the Adani Group a clean chit in the Hindenburg Research case.
Gautam Adani, nephew indicted in US in alleged $250 million fraud, bribery case
