Billionaire Gautam Adani, the chairman of the Indian conglomerate Adani Group and one of the wealthiest individuals globally, has been indicted in New York for his involvement in an alleged multibillion-dollar bribery and fraud scheme, as stated by U.S. prosecutors on Wednesday.
Authorities claim that Adani, along with seven other defendants—including his nephew Sagar Adani—conspired to pay approximately $265 million in bribes to Indian government officials.
This scheme aimed to secure contracts projected to generate $2 billion in profits over two decades and to develop India’s largest solar power plant project.
Furthermore, prosecutors allege that Adanis and Vineet Jaain, a former CEO at Adani Green Energy, raised over $3 billion in loans and bonds by concealing their corrupt activities from investors and lenders.
The indictment reveals that some conspirators referred to Gautam Adani using code names such as “Numero uno” and “the big man,” while Sagar Adani reportedly utilized his cellphone to monitor details regarding the bribery efforts.
Last year, Hindenburg research, a financial research firm based in the U.S. accused Gautam Adani and his company of engaging in “brazen stock manipulation” and “accounting fraud.”
In response, the Adani Group dismissed these allegations as a “malicious mix of selective misinformation and outdated, unfounded claims that have been discredited.”
(This is a developing story. The latest version will be updated)
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