Gautam Adani, chairman of India’s Adani Group and one of the world’s richest individuals, has been indicted in New York for his involvement in an alleged multibillion-dollar bribery and fraud scheme, U.S. prosecutors announced on Wednesday.
The indictment accuses Adani and seven others, including his nephew Sagar Adani, of orchestrating a scheme to pay approximately $265 million in bribes to Indian government officials. These bribes were allegedly aimed at securing contracts expected to generate $2 billion in profits over 20 years, including the development of India’s largest solar power project.
Prosecutors claim Adani, Sagar Adani, and former Adani Green Energy CEO Vneet Jaain concealed their activities while raising over $3 billion through loans and bonds. Court documents reveal that conspirators referred to Gautam Adani by code names like “Numero Uno” and “The Big Man,” and allege Sagar Adani tracked bribes using his phone.
**Charges and Investigations**
Gautam Adani, Sagar Adani, and Vneet Jaain face charges of securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adanis are also named in a U.S. Securities and Exchange Commission (SEC) civil case.
Five additional defendants are charged with conspiring to violate the Foreign Corrupt Practices Act (FCPA), a U.S. anti-bribery law, with four of them also accused of conspiring to obstruct justice.
None of the accused are currently in custody. U.S. prosecutors have issued arrest warrants for Gautam Adani and Sagar Adani and plan to forward them to international law enforcement.
**Adani’s Empire and Allegations**
At 62, Gautam Adani is worth $69.8 billion, making him the world’s 22nd-richest person, according to *Forbes*. Adani, who started his business journey in Gujarat, India, founded Adani Group in 1988. His conglomerate now spans sectors like airports, ports, energy, and mining.
The charges come nearly two years after Hindenburg Research, a U.S.-based short-seller, accused Adani Group of improper use of offshore tax havens, allegations the company has denied. Following the report, Adani Group’s market value plunged by $150 billion.
**Recent Developments**
Hours before the charges were announced, Adani raised $600 million by issuing 20-year green bonds. Last week, he announced a $10 billion investment plan in U.S. energy infrastructure, claiming it would create 15,000 jobs, though no timeline was provided.
The indictment also implicates Ranjit Gupta and Rupesh Agarwal, former executives of Azure Power Global, and Cyril Cabanes, a director at Azure and an executive at Canada’s Caisse de Dépôt et Placement du Québec.
**Political Ties and Controversy**
Adani’s close ties to Indian Prime Minister Narendra Modi, also from Gujarat, have drawn criticism. Modi’s political opponents have accused him of shielding Adani from allegations, including those by Hindenburg, claims Modi has dismissed as baseless.
This case marks one of the rare criminal accusations against a billionaire of Adani’s stature in the U.S.