Adani Group CEO and billionaire Gautam Adani has been charged in the United States with bribery and fraud.
U.S. prosecutors allege that Adani and seven others, including his nephew Sagar Adani, orchestrated a scheme involving $265 million in bribes to Indian government officials.
The alleged bribes helped secure contracts for India’s largest solar power project, projected to generate $2 billion in profits over 20 years.
The indictment claims the Adani Group concealed its corrupt practices while raising over $3 billion in loans and bonds. Prosecutors revealed that within the scheme, Adani was referred to as “Numero Uno” and “The Big Man,” while Sagar allegedly used his phone to track bribe payments.
Arrest warrants have been issued for Gautam and Sagar Adani, though neither is in custody. Gautam Adani is believed to be in India. The charges also include a related civil case filed by the U.S. Securities and Exchange Commission accusing the group of securities fraud.
Adani, 62, has built a business empire since founding the Adani Group in 1988 as a commodities trading firm. Today, his conglomerate operates across industries such as ports, airports, energy, and mining. According to Forbes, Adani’s net worth is estimated at $69.8 billion, making him one of the world’s wealthiest individuals.
This isn’t the first time Adani has faced allegations. In 2023, a report by Hindenburg Research accused the group of improper use of offshore tax havens, wiping $150 billion from Adani Group’s market value. The company denied those claims.
Despite these controversies, Adani recently raised $600 million through green bonds and announced plans to invest $10 billion in U.S. energy and infrastructure projects.
Adani’s close relationship with Indian Prime Minister Narendra Modi has long drawn criticism. Modi’s opponents accuse him of shielding Adani from accountability, though Modi has denied the accusations.
The charges represent a significant moment for Adani, whose reputation and business empire face intense scrutiny as the legal battle unfolds.
By Vivian K.
