Gautam Adani, the billionaire chairman of the Adani Group and one of the world’s wealthiest individuals, has been indicted in New York for his alleged role in a multibillion-dollar bribery and fraud scheme, U.S. prosecutors announced on Wednesday. Adani, his nephew Sagar Adani, and six others allegedly paid $265 million in bribes to Indian officials to secure contracts projected to yield $2 billion in profits over two decades, including India’s largest solar power plant project.
The indictment accuses the Adanis and former Adani Green Energy CEO Vneet Jaain of raising over $3 billion through loans and bonds while concealing the bribery scheme. Prosecutors revealed the use of code names for Gautam Adani, such as “Numero uno” and “the big man.” Charges include securities fraud, wire fraud conspiracy, and violations of the Foreign Corrupt Practices Act. Arrest warrants for Gautam and Sagar Adani have been issued, though neither is currently in custody.
Adani, 62, is worth $69.8 billion, ranking as the 22nd-richest person globally, according to Forbes. He founded the Adani Group in 1988, growing it into a conglomerate spanning airports, ports, energy, and mining. The indictment follows allegations by Hindenburg Research in January 2023 of improper use of offshore tax havens, which Adani Group denied, leading to a $150 billion drop in its stocks. Hours before the charges, Adani raised $600 million through 20-year green bonds. Adani Group has yet to comment.
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