Gautam Adani, the chairman of India's Adani Group, along with seven associates, has been charged by U.S. authorities in a $2 billion fraud and bribery case. Prosecutors allege the group paid $265 million in bribes to Indian officials to secure lucrative solar energy contracts, which were expected to generate billions in profits.
The indictment claims Adani and his colleagues falsified statements to obtain over $3 billion in loans and bonds, violating the U.S. Foreign Corrupt Practices Act. The group reportedly used code names such as "Numero Uno" and "The Big Man" for Adani. Arrest warrants have been issued for Adani, his nephew Sagar Adani, and others involved.
Deputy Assistant Attorney General Lisa H. Miller commented, "This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, deceive investors and banks, and obstruct justice." The U.S. Securities and Exchange Commission (SEC) has also filed parallel civil charges, adding to the group's legal challenges.
Coinciding with the charges, Adani announced a new investment in green energy while offering congratulations to U.S. President-elect Donald Trump. The timing of the announcement, coming amid Trump’s pledges to deregulate the energy sector, has sparked speculation.
The story will be updated pending a response from the Adani Group.
Hours before the charges were made public, Adani Group raised $600 million in a highly successful U.S. bond sale, following a previous attempt that had been delayed due to investor concerns.
This legal battle follows a previous blow in January 2023, when Hindenburg Research accused the Adani Group of stock manipulation and misuse of tax havens. The report led to a $150 billion loss in market value for the company—allegations the group has denied.
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