U.S. Authorities Charge Gautam Adani in Alleged $265 Million Bribery Scheme—Key Details

US authorities announced on Wednesday (20 November) that Gautam Adani, head of the Indian multinational Adani Group and one of the world's wealthiest individuals, has been indicted in New York for alleged involvement in a multibillion-dollar bribery and fraud scheme.

According to US authorities, Gautam Adani and seven other co-defendants, including his nephew Sagar Adani, allegedly agreed to pay approximately $265 million in bribes to Indian government officials to secure contracts worth $2 billion over 20 years and develop India's largest solar power plant project.

Prosecutors also claimed that Adanis and another executive of Adani Green Energy, former CEO Vneet Jaain, raised almost $3 billion in loans and bonds by concealing their misconduct from creditors and investors.

According to the indictment, some conspirators referred to Gautam Adani as "Numero uno" and "the big man." At the same time, Sagar Adani reportedly used his cellphone to hunt down facts about the bribery.

Adani Group has yet to state the charges.

Gautam Adani, Sagar Adani, and Vneet Jaain are accused of securities fraud, securities fraud conspiracy, and wire fraud conspiracy.

In addition, the Adanis were charged in a civil complaint brought by the United States Securities and Exchange Commission.

The remaining five defendants were charged with conspiracy to violate the Foreign Corrupt Practices Act, a US anti-bribery statute, and four with conspiracy to impede justice.

Adani raised $600 million on Wednesday by selling 20-year "green" bonds, and the charges were announced just hours later.

These moves come nearly two years after US short-seller Hindenburg Research accused the Adani Group of inappropriate use of offshore tax havens, which the company has denied.