Gautam Adani, chairman of India’s Adani Group, and seven others face U.S. charges in a $2 billion fraud and bribery scheme. Prosecutors allege the group paid $265 million in bribes to Indian officials to secure solar energy contracts projected to generate billions in profits.
The indictment accuses Adani and his associates of falsifying statements to obtain over $3 billion in loans and bonds, with charges under the U.S. Foreign Corrupt Practices Act. Prosecutors claim conspirators used code names like “Numero Uno” and “The Big Man” for Adani. Arrest warrants have been issued for Adani, his nephew Sagar Adani, and others.
“This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, lie to investors and banks, and obstruct justice,” said Deputy Assistant Attorney General Lisa H. Miller. The U.S. Securities and Exchange Commission has also filed parallel civil charges, intensifying the group’s legal troubles.
On the same day charges were revealed, Adani announced a new investment in green energy while congratulating U.S. President-elect Donald Trump. “Adani announced the investment while also congratulating U.S. President-elect Donald Trump on his election win,” Reuters reported. Trump’s energy deregulation pledges have fueled speculation about Adani’s timing.
The story will be updated post comments from the Group.
Hours before the indictment, Adani Group raised $600 million in an oversubscribed U.S. bond sale. A previous attempt was postponed due to investor concerns.
This case marks another significant hit for Adani, who faced accusations from Hindenburg Research in January 2023 of stock manipulation and misuse of tax havens. That report wiped $150 billion from Adani Group’s market value—allegations the company denied.