U.S. Charges Indian Billionaire Gautam Adani in Bribery Case

Indian billionaire Gautam Adani, the chairman of Adani Group and one of the richest people in the world, has been charged in New York for his alleged involvement in a $265 million bribery scheme, according to U.S. prosecutors.

Authorities say Gautam Adani and seven others, including his nephew Sagar Adani, planned to pay bribes to Indian government officials. These bribes were meant to help them win contracts that would bring in about $2 billion in profit over 20 years. These deals included plans for building the biggest solar power plant in India.

A judge has now issued arrest warrants for Gautam and Sagar Adani. U.S. prosecutors plan to work with international law enforcement to execute these warrants.

The news had a big impact on Adani’s business. Adani Green Energy, which is part of Adani Group, decided to cancel its plans to raise $600 million by selling bonds in the U.S. after the charges were announced. The bonds had already been priced but were pulled from the market immediately.

Adani’s bonds also dropped sharply in value in early trading in Asia on Thursday. Prices for bonds from Adani Ports and Special Economic Zone fell by 3-5 cents, marking the biggest drop since short-sellers targeted the company in February 2023.

Prosecutors also claim that other top executives at Adani Green Energy, including the former CEO Vneet Jaain, raised more than $3 billion by hiding their corrupt actions from lenders and investors.

The indictment details that some people involved used code names like “Numero uno” and “the big man” for Gautam Adani. It is also claimed that Sagar Adani used his cellphone to keep track of the bribe details.