Gautam Adani, one of the world’s richest individuals and chairman of the Adani Group, has been indicted in New York for his role in a $265 million bribery scheme, U.S. prosecutors revealed.
Adani, 62, has a net worth of $69.8 billion, according to Forbes. He is among the few billionaires formally charged with criminal misconduct in the United States.
U.S. authorities allege that Adani, along with seven other individuals, including his nephew Sagar Adani, paid bribes to Indian government officials to secure contracts for solar plants, which were expected to generate $2 billion in profits.
The Securities and Exchange Commission (SEC) has also charged Adani and two other executives, accusing them of involvement in what it described as a “massive bribery scheme.”
A judge has issued arrest warrants for Gautam Adani and Sagar Adani. Prosecutors plan to forward these warrants to foreign law enforcement, according to court documents.
In February 2023, Adani’s business empire faced major setbacks following a short-seller attack, which caused the shares of its listed companies to drop by 10% to 20%.
On Thursday, Adani Green Energy (ADNA.NS) canceled a $600 million bond issuance in U.S. dollars. The planned bond, which had already been priced, was withdrawn after the news of the indictment broke.
The indictment revealed that some conspirators referred to Gautam Adani by code names like “Numero Uno” and “The Big Man,” while Sagar Adani reportedly used his phone to monitor details about the bribes.
Currently, none of the accused is in custody. A spokesperson for U.S. Attorney Breon Peace confirmed that Gautam Adani is believed to be in India.
