Wed Nov 20 23:54:01 UTC 2024: ## Indian Billionaire Gautam Adani Indicted in US on $250 Million Bribery Charges
**New York, NY** – Indian billionaire Gautam Adani, a close ally of Prime Minister Narendra Modi, has been indicted in the US on charges of orchestrating a $250 million bribery scheme to secure lucrative contracts in India. The indictment, filed Wednesday in New York, alleges that Adani and other senior executives of the Adani Group paid bribes to Indian officials to win renewable energy contracts projected to yield over $2 billion in profits over two decades.
Prosecutors allege the scheme was concealed from US and international investors to obtain $3 billion in loans and bonds. The indictment accuses Adani and his associates of making false and misleading statements about their anti-bribery practices and the ongoing bribery investigation, which the US began in 2022.
US Attorney Breon Peace stated that the defendants engaged in an “elaborate scheme” to defraud investors and enrich themselves. He emphasized the commitment of his office to combating international corruption and protecting investors. The indictment alleges Adani personally met with government officials to advance the bribery scheme.
The charges represent a significant blow to Adani, whose vast business empire spans ports, airports, and renewable energy. The Adani Group has faced scrutiny since a 2023 report accused it of fraud, triggering a major market sell-off. While the Adani Group has not yet commented on the indictment, the news comes just weeks after Adani publicly congratulated Donald Trump on his election victory and pledged a $10 billion investment in the US. The timing of the indictment, given the recent change in US presidential administration, is also noteworthy. Opposition politicians in India have long alleged that Adani benefited from his ties to the Modi government, allegations he consistently denies.
First Piper 