US charges India’s Gautam Adani, one of world’s richest people, with bribery

Indian billionaire Gautam Adani has been indicted by US prosecutors for his alleged role in a US$265 million bribery scheme, plunging his conglomerate deep into crisis for the second time in two years.

The multiple counts of fraud levelled against Adani, who is one of the world’s richest people, and seven other defendants, sent shares and bonds of Adani firms tumbling on Thursday. Adani Green Energy, the company at the centre of the allegations, also cancelled a US$600 million bond sale.

Arrest warrants have been issued for Adani and his nephew Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show.

US federal prosecutors said the defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield US$2 billion of profit over 20 years, and develop India’s largest solar power plant project.

They also said the Adanis and another executive at Adani Green Energy’s former CEO Vneet Jaain raised more than US$3 billion in loans and bonds by hiding their corruption from lenders and investors.