India: Gautam Adani, one of India’s wealthiest businessmen, has been faced US charges with directing a $250 million bribery scheme and concealing the misconduct to guarantee international investments. The charges, filed in New York, accuse the 62-year-old tycoon and senior executives at the Adani Group of bribing Indian officials to win lucrative contracts for the company’s renewable energy business, launched to generate over $2 billion in profits over two decades.
Prosecutors allege that Adani and his associates misled investors while raising $3 billion in loans and bonds, enclosing from US firms. They reportedly made false claims about the company’s anti-bribery practices and covered the ongoing federal investigation, which began in 2022.
US Attorney Breon Peace stated that, “As alleged, the defendants orchestrated a complicated scheme to bribe Indian government officials to secure contracts worth billions of dollars and misled international investors about their practices.” Breon Peace emphasised the Justice Department’s commitment to fighting corruption and protecting financial market integrity.
The Adani Group, which has manifold operations across ports, airports, and renewable energy, did not instantly respond to the charges.
This development follows a rough year for the Adani conglomerate. In 2023, a damning report accused the group of fraudulent practices, initiating a market sell-off that wiped billions from the company’s valuation. Adani denied those allegations.
The charge further claims Mr. Adani personally engaged with government officials to advance the bribery scheme. The billionaire is a known supporter of Indian Prime Minister Narendra Modi, a relationship that has drawn criticism from opposition parties alleging preferential treatment—claims the businessman has consistently denied.
The filing overlaps with significant political developments in the US. The Justice Department’s actions follow the election of Donald Trump, who has pledged to overhaul the department. Just last week, Adani congratulated Trump on social media for his victory and revealed plans to invest $10 billion in the US. The case marks a significant escalation in US scrutiny of international corporate corruption and could have far-reaching implications for the Adani Group’s global ambitions.
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