Indian billionaire Gautam Adani faces serious legal trouble as U.S. prosecutors accuse him of involvement in a USD 265 million bribery and fraud scheme. According to a criminal indictment filed in a New York court, Adani and seven others, including his nephew Sagar Adani, allegedly paid over USD 250 million in bribes to Indian state officials, including some in Andhra Pradesh. The goal of the scheme was to secure lucrative solar power contracts expected to generate over USD 2 billion in profits across two decades. Arrest warrants have been issued against both Gautam and Sagar Adani, and U.S. authorities plan to collaborate with international law enforcement agencies for further action.

The Adani Group has strongly denied the allegations, calling them baseless and emphasizing their compliance with laws. In an official statement, the company dismissed the charges leveled by the U.S. Department of Justice and the Securities and Exchange Commission (SEC) against directors of Adani Green Energy. Despite these denials, the accusations have caused a significant market reaction, with stocks of Adani Enterprises and Adani Energy dropping by 20%, alongside notable losses in other group companies like Adani Green Energy and Adani Total Gas.

This development marks a dramatic turn for one of India’s most prominent businessmen, known for his global investments and ambitious projects. The allegations against Adani come at a time when his businesses face increased scrutiny over their practices. While the group attributes the legal actions to misinformation, critics highlight the growing need for transparency and accountability in major corporate entities operating across borders.