New Delhi, India – US prosecutors in New York announced indictments against Indian billionaire Gautam Adani and several other executives for their alleged involvement in a multi-billion-dollar fraud scheme linked to the development of a major solar power plant. The Department of Justice stated that Adani and seven others, including his nephew Sagar Adani, are accused of offering over $250 million in bribes to Indian government officials to secure contracts for solar energy projects.

The impact of the allegations has reverberated throughout Adani’s conglomerate, with shares in the group’s listed companies experiencing significant declines in response. The accusations have also sparked political debates in India, with opposition parties calling for a parliamentary investigation into Adani’s businesses.

The DOJ contends that the solar energy contracts at the center of the scandal were expected to generate over $2 billion in profits over a two-decade period. According to authorities, Adani, 62, personally engaged with an Indian government official to advance the fraudulent scheme, which is said to have taken place between 2020 and 2024. The indictments assert that the defendants frequently met and discussed the bribery scheme, with evidence found on various electronic devices.

Deputy Assistant Attorney General Lisa Miller emphasized the seriousness of the charges, stating that the executives were accused of orchestrating a complex scheme that involved bribery, deceit, and obstruction of justice to secure energy contracts and defraud investors. Adani, with a net worth exceeding $85 billion, ranks as Asia’s second-wealthiest individual, trailing behind Mukesh Ambani.

In response to the legal actions taken by US officials, Adani Green, a subsidiary working on a major energy project in Western India, announced a halt to a proposed $600 million bond offering. Meanwhile, the Securities and Exchange Commission has filed civil charges against Adani and Cyril Cabanes, an executive from Azure Power Global, related to the bribery allegations.

The Adani Group, which faced previous accusations of stock manipulation and accounting fraud, has been working to restore its reputation following a substantial decline in the billionaire’s fortune. Despite the challenges, Adani has built a diverse business empire that spans various sectors, from commodity trading to media and clean energy.

As the legal proceedings unfold and the implications of the indictments become clearer, the situation surrounding Gautam Adani and his associates continues to attract attention and scrutiny both in India and internationally.