Gautam Adani Indicted In New York For Multibillion-Dollar Fraud, Bribery

India-West News Desk

NEW YORK, NY – Gautam Adani, the billionaire chairman of the Adani Group and one of the world’s wealthiest individuals, has been indicted in New York for his alleged role in a multibillion-dollar fraud and bribery scheme, according to the U.S. Attorney’s Office for the Eastern District of New York. The charges also implicate his nephew, Sagar Adani, and former Adani Green Energy CEO Vneet Jaain.

The indictment accuses the defendants of orchestrating a scheme to defraud U.S. investors and global financial institutions by concealing widespread corruption while raising more than $3 billion in loans and bonds. Prosecutors allege that Adani and his co-conspirators paid $265 million in bribes to Indian government officials to secure lucrative solar energy contracts projected to yield over $2 billion in profits across two decades.

In internal communications, conspirators allegedly referred to Gautam Adani using code names like “Numero Uno” and “the big man,” while Sagar Adani reportedly used his cellphone to track details of the bribery payments. Prosecutors further allege that encrypted messaging and bribe-tracking documents were used to manage the scheme.

False Promises and Concealed Corruption

Authorities say Adani and his team misrepresented the company’s anti-bribery practices to investors, securing capital under false pretenses. The funds were raised through loans and bond offerings marketed in the U.S. and other financial hubs.

“Adani and his associates orchestrated an elaborate scheme to bribe Indian officials and deceive investors, undermining the integrity of international markets,” said U.S. Attorney Breon Peace.

Alleged Justice Obstruction

The indictment also accuses co-conspirators of obstructing investigations by deleting evidence, withholding information during internal probes, and lying to federal authorities.

“The defendants jeopardized global financial systems while attempting to conceal their actions,” said FBI Assistant Director in Charge James E. Dennehy.

Context and Consequences

Adani, whose net worth is estimated at $69.8 billion by Forbes, recently announced plans to invest $10 billion in U.S. energy security and infrastructure, a move touted as creating 15,000 jobs. The announcement coincided with his congratulatory message to President-elect Donald Trump following his election win.

This case represents a notable escalation in the U.S. Justice Department’s efforts to combat international corruption. If convicted, Adani and his co-defendants face severe penalties. (with agency inputs)