Indian billionaire Gautam Adani charged in US with bribery, fraud

US authorities have charged Indian billionaire Gautam Adani and seven other executives with bribery and securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions.

According to a statement from the Justice Department, a five-count criminal indictment was unsealed Wednesday in federal court in New York charging Adani, Sagar Adani and Vneet Jaain, executives of an Indian renewable-energy company the Indian Energy Company.

The indictment also charged Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company, and Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with a bribery scheme.

Breon Peace, US Attorney for the Eastern District of New York, said "the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars."

"This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice," said Deputy Assistant Attorney General Miller.

Between 2020 and 2024, Adani and others allegedly concealed the bribery scheme while obtaining over $3 billion in financing, including US dollar loans and bond offerings.

Prosecutors further allege that Adani's co-defendants, including former executives and institutional investors, obstructed investigations by deleting evidence and withholding information during internal inquiries and federal probes.

The charges include conspiracy to commit securities and wire fraud, Foreign Corrupt Practices Act violations, and obstruction of justice.

Adani's conglomerate is a major player in renewable energy and other sectors. Neither Adani nor his representatives have publicly commented on the charges.

If convicted, the defendants face significant prison time and financial penalties.