Billionaire Gautam Adani Indicted in US on Bribery and Fraud Charges

NEW YORK – Gautam Adani, the billionaire chairman of India’s Adani Group and one of the world’s richest individuals, has been indicted in New York on allegations of participating in a multi-billion-dollar bribery and fraud scheme, according to U.S. prosecutors.

Authorities allege that Adani, alongside seven other defendants, including his nephew Sagar Adani, orchestrated a $265 million bribery scheme to secure lucrative contracts for India’s largest solar power project. These deals were expected to yield $2 billion in profits over 20 years.

Prosecutors also claim the Adani Group secured over $3 billion in loans and bonds by concealing their corrupt practices from lenders and investors. The indictment reveals the use of code names such as "Numero Uno" and "The Big Man" for Gautam Adani, with evidence of Sagar Adani tracking bribery details on his phone.

Both Gautam and Sagar Adani, along with former Adani Green Energy CEO Vneet Jaain, face charges of securities fraud, conspiracy to commit securities fraud, and wire fraud. Additionally, the U.S. Securities and Exchange Commission has filed a civil case against them.

Five other defendants are charged with conspiring to violate the U.S. Foreign Corrupt Practices Act and obstructing justice. None of the accused are currently in custody, and Gautam Adani is believed to remain