Gautam Adani, 62, the Indian business magnate and Asia’s second-wealthiest individual, was indicted on November 20 in New York.
He is accused of offering billions of dollars in bribes and committing other criminal activities with his accomplices.
The U.S. Attorney’s Office in Brooklyn charged Adani and seven accomplices for allegedly offering bribes over $250 million to Indian government officials.
Prosecutors claim that these bribes were used to secure highly profitable solar energy supply contracts from the Indian government.
According to the prosecution, the business is projected to generate at least $2 billion in after-tax profits over the next two decades.
The Adani Group primarily focuses on public infrastructure projects, collaborating with the government on roads, power generation, and port operations.
Prosecutors claim that between 2020 and 2024, Adani met with Indian government officials individually on multiple occasions to deliver bribes.
His nephews Sagar Adani, 30, and Vineet Jain, 53, Adani Green Energy Limited executives, were also indicted.
They are accused of misleading U.S. and international investors by violating anti-bribery and anti-corporate corruption regulations.
The accusation states that they concealed their bribery activities to attract investments.
Adani Green Energy raised over $2 billion through an investment consortium of U.S. and international investors to fund energy supply contracts with the Indian government.
Furthermore, U.S. prosecutors determined that the company’s issuance of over $1 billion in corporate bonds in the U.S. and global bond markets was also based on fraudulent activities.
