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| Mr Adani's business empire extends from ports and airports to renewable energy |
Indian billionaire Gautam Adani has been charged with fraud in the US, accused of orchestrating a $250 million bribery scheme to secure contracts for his renewable energy company. The charges, filed in New York on Wednesday, are the latest setback for the 62-year-old businessman, whose conglomerate spans ports, airports, and renewable energy.
Prosecutors allege that Adani and senior executives paid bribes to Indian officials in exchange for contracts expected to generate over $2 billion in profits. The Adani Group has denied the allegations, calling them "baseless" and pledging to seek legal recourse.
Following the news
shares of Adani Enterprises dropped 22%, and other group companies also saw declines. Adani Green Energy, at the center of the allegations, canceled a planned $600 million bond offering.
The charges add to the ongoing scrutiny of Adani's empire, which began in 2023 when Hindenburg Research accused the group of stock manipulation and accounting fraud, claims Adani denies. The US investigation, initiated in 2022, alleges that executives raised $3 billion through misleading statements about the company's anti-bribery practices and the bribery probe itself.
US authorities say the defendants, including Adani and his nephew, used bribery to secure contracts worth billions of dollars while deceiving investors. The indictment is a major blow to Adani, who has been trying to rehabilitate his image in the wake of the Hindenburg report.
The charges have also sparked political debate in India, where Adani is a close ally of Prime Minister Narendra Modi. Opposition leaders have called for Adani’s arrest, while the government has remained silent on the matter.
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