Adani at it againi: Adani indicted in the United States of America over corruption allegations

Indian billionaire Gautam Adani has been charged with fraud in the United States, accused of orchestrating a Ksh32 billion ($250 million or £198 million) bribery scheme and concealing it to raise funds in the US.

The criminal charges, filed on Wednesday in New York, represent another setback for the 62-year-old Adani, one of India’s wealthiest individuals, whose business interests span ports, airports, and renewable energy.

The indictment alleges that the tycoon and other senior executives agreed to make payments to Indian officials to secure contracts for his renewable energy company, which is projected to generate over Ksh259 billion ($2 billion) in profits over two decades.

The Adani Group has not yet responded to a request for comment.

The conglomerate has been under scrutiny in the US since 2023, following a high-profile report that accused it of fraud. The claims, which Mr. Adani has denied, led to a significant market sell-off.

Reports regarding this bribery investigation have been circulating for months. Prosecutors indicated that the United States initiated an investigation into the company in 2022, which they found was obstructed.

They claim that executives secured $3 billion in loans and bonds, including funding from U. S. firms, based on false and misleading statements regarding the company’s anti-bribery practices and policies, as well as concerning the ongoing bribery investigation.

“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to obtain contracts worth billions of dollars and misrepresented the bribery scheme while attempting to raise capital from U. S. investors. ” “and international investors,” stated US Attorney Breon Peace while announcing the charges.

“My office is dedicated to eradicating corruption in the global marketplace and safeguarding investors from those who attempt to profit at the expense of the integrity of our financial markets,” he added.

Officials indicated that Adani engaged in personal meetings with government officials to promote the bribery scheme.

Adani is a close associate of Indian Prime Minister Narendra Modi. He has consistently denied allegations from opposition politicians suggesting that he has benefited from his political connections.

In the United States, the President appoints US Attorneys. The filing occurs just weeks after Donald Trump was elected to the White House, promising to restructure the US Justice Department.

Last week, on social media, Adani congratulated Trump on his election victory and committed to investing Ksh1. 2 trillion ($10bn) in the United States.