Indian billionaire Gautam Adani has been charged with fraud in the US, which accused him of masterminding a $250m (£198m) bribery scheme and covering it up to raise money in the United States.
The criminal charges, filed Wednesday in New York, are the latest blow to Mr. Adani, 62, one of India's richest men, whose business empire spans from ports and airports to renewable energy .
In the indictment, prosecutors alleged that the tycoon and other top executives agreed to pay Indian officials to win contracts for his renewable energy company that was expected to bring in more than $2 billion in profits over 20 years old.
Adani Group did not immediately respond to a request for comment.
The conglomerate has operated in the shadows in the United States since 2023, when a prominent company published a report accusing it of fraud. These claims, which Mr. Adani denied, caused a massive market sell-off.
Reports of this corruption investigation have been circulating for months. Prosecutors said the United States began investigating the company in 2022 and found the investigation was hampered.
They allege that the executives raised $3 billion in loans and bonds, including from U.S. companies, based on false and misleading statements related to the company's anti-corruption practices and policies, as well as reports investigation for corruption.
“As has been alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to obtain contracts worth billions of dollars and … lied about the bribery scheme while that they were seeking to raise capital from U.S. and international investors,” U.S. Attorney Breon Peace said in a statement. a statement announcing the charges.
“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.
On several occasions, Mr. Adani met personally with government officials to advance the corruption scheme, officials said.
Mr. Adani is a close ally of Indian Prime Minister Narendra Modi. He has long been the subject of accusations from opposition politicians who accuse him of profiting from his political ties, which he denies.
U.S. Attorney positions in the United States are appointed by the president. The complaint comes just weeks after Donald Trump won election to the White House, pledging to overhaul the U.S. Justice Department.
Last week, on social media, Mr. Adani congratulated Trump on his election victory and pledged to invest $10 billion in the United States.
