Indian billionaire Gautam Adani, the second-richest person in India, has been charged by U.S. federal prosecutors with fraud. Prosecutors accused Adani and several alleged co-conspirators of seeking to pay $250 million in bribes to Indian officials while obtaining funds from international investors using false and misleading statements. The scheme allegedly occurred between 2020 and 2024 in connection with solar-power contracts worth billions of dollars. Adani’s nephew, Sagar Adani, was also named as a defendant in the case.
The Adani Group, which is headed by Gautam Adani, is an industrial conglomerate with stakes in logistics and energy units. Adani Green Energy Ltd., a unit of the Adani Group, was directly named in a separate civil fraud complaint by the Securities and Exchange Commission.
Last year, a short-seller accused Adani Group of fraud, causing its shares to initially tumble, but they later recovered after a favorable ruling by India’s Supreme Court. Adani has faced scrutiny for receiving support from Indian Prime Minister Narendra Modi, with the opposition party raising concerns about the relationship.
Adani representatives could not be reached for comment, but Hindenburg Research, the short-seller, maintains its allegations against the Adani Group. Adani’s net worth is approximately $70 billion, according to Forbes.
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