Billionaire Gautam Adani, chairman of the Indian conglomerate Adani Group, is facing serious allegations in the United States. Accusations against Adani and his associates include paying substantial bribes to Indian government officials to secure solar energy contracts worth $2 billion. The U.S. Justice Department has indicted Adani, along with seven co-defendants, including his nephew Sagar Adani, for allegedly orchestrating this bribery scheme.
The indictment claims that from 2020 to 2024, approximately $265 million was paid in bribes. These payments were allegedly made to manipulate the awarding of lucrative contracts. Moreover, Adani and his associates are accused of deceiving U.S. investors, raising over $3 billion in loans and bonds under false pretenses.
The charges involve violations of the Foreign Corrupt Practices Act, which prohibits bribery of foreign officials by U.S.-linked entities. In addition to bribery, Adani's group faces allegations of securities and wire fraud. These accusations have led to arrest warrants being issued for Adani and others involved.
The Adani Group, with interests spanning mining, infrastructure, and media, has not commented on these charges. The allegations have already had significant repercussions, including a decline in Adani's net worth and a slump in Adani Group bonds. These legal challenges come as the conglomerate plans a $10 billion investment in U.S. energy projects.
The situation has drawn international attention, as the Adani Group was previously accused by Hindenburg Research of stock manipulation and accounting fraud. These new allegations intensify scrutiny on one of the world's richest individuals and his business empire.
