Indian billionaire Gautam Adani faces fraud allegations in the US, accused of coordinate a $250 million bribery scheme and concealing it to secure funds. The charges, filed in New York, claim Adani and his team bribed Indian officials to win renewable energy contracts expected to generate over $2 billion in profits.
The Adani Group has denied the accusations, calling them “ridiculous” and pledging to take legal action. After the news broke, Adani Enterprises saw its stock plummet by 22%, with other group companies also facing losses. Adani Green Energy, at the center of the controversy, canceled a $600 million bond offering.
This controversy follows earlier accusations in 2023 when US-based Hindenburg Research accused Gautam Adani of stock manipulation and fraud, triggering a market sell-off and an investigation by India’s SEBI.
US prosecutors now allege that the Adani Group misled investors by hiding the bribery scheme while raising $3 billion through loans and bonds. US Attorney Breon Peace emphasized that the case focuses on protecting investors and combating corruption in global markets.
The charges are a significant setback for Adani, who has been working to restore his reputation after previous allegations. Internationally, the Adani Group also faces challenges, including Kenya’s recent cancellation of major deals with the organization
