WASHINGTON/NEW DELHI, Nov 20: Indian billionaire Gautam Adani has been accused in the US of masterminding a $250 million bribery scheme to secure lucrative government contracts for his renewable energy company.
Prosecutors in New York claim the contracts, allegedly obtained through bribing Indian officials, were projected to generate over $2 billion in profits over two decades.
The indictment, filed on Wednesday, also accuses Adani and senior executives of misleading US investors while raising $3 billion through loans and bonds.
Prosecutors allege the company covered up the bribery probe and made false claims about its anti-corruption practices.
US Attorney Breon Peace called the alleged scheme “an elaborate effort to enrich themselves at the expense of financial market integrity.”
He vowed to tackle corruption in global business and protect investors.
Adani, a key ally of Indian Prime Minister Narendra Modi, has long faced accusations of leveraging political connections to grow his business empire, though he denies any wrongdoing.
This latest charge adds to a challenging year for the tycoon, whose companies were hit by fraud allegations in 2023, triggering a market crash.
The timing of the indictment is noteworthy, coming just after Donald Trump’s election win.
Interestingly, Adani recently congratulated Trump on social media, pledging to invest $10 billion in the US.
