Indian billionaire Gautam Adani, one of the world’s wealthiest individuals, is under investigation by U.S. authorities for alleged bribery and fraud. Prosecutors accuse Adani and seven others of paying $250 million in bribes to Indian officials to secure lucrative solar energy contracts projected to generate over $2 billion in profits.
According to the U.S. Department of Justice (DOJ), Adani and his associates used corrupt practices to win contracts for India’s largest solar power plant and misled U.S. investors and lenders in the process.
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Evidence presented in court includes detailed tracking of bribes, financial summaries and digital records. Prosecutors also allege that Adani personally met with government officials to advance the scheme.
The charges include securities fraud and wire fraud conspiracy. Arrest warrants have been issued, though Adani remains in India. The Adani Group has denied the allegations, describing them as “baseless.”
In a separate civil case, the Securities and Exchange Commission (SEC) alleges that Adani and others misrepresented their anti-corruption practices to investors. U.S. authorities claim the alleged bribery and fraud schemes helped secure financing, including $175 million from U.S. investors.
This is not the first controversy involving Adani’s business empire. Last year, a U.S. short-seller accused the conglomerate of stock manipulation and fraud, resulting in billions of dollars in lost market value, according to CNN.
The latest charges have triggered a sharp decline in Adani’s companies’ stock values, with shares losing nearly $30 billion in a single day. A planned $600 million bond sale was also canceled.
The case has sparked political fallout in India, with opposition parties calling for a parliamentary investigation. Critics allege favoritism by Prime Minister Narendra Modi’s government toward Adani, a claim both Modi and Adani deny.
