Billionaire Gautam Adani charged with fraud.

Indian billionaire Gautam Adani has been charged with fraud in the United States, facing allegations of masterminding a $250 million (£198 million) bribery scheme and concealing it to secure funding from U.S. investors.

The criminal charges, filed on Wednesday in New York, mark another significant setback for the 62-year-old magnate, whose vast business empire spans ports, airports, and renewable energy projects.

Prosecutors claim that Mr. Adani and other senior executives orchestrated payments to Indian officials to secure lucrative contracts for his renewable energy company, projecting profits exceeding $2 billion over two decades.

The Adani Group has not yet commented on the charges.

The conglomerate has faced scrutiny in the U.S. since 2023, following a damning report accusing it of fraud. While Mr. Adani denied the allegations, the revelations triggered a massive market sell-off.

According to prosecutors, the U.S. began investigating the company in 2022 but encountered obstruction during the inquiry.

They assert that executives misled investors, raising $3 billion in loans and bonds—including from U.S. firms—by providing false information about the company’s anti-bribery policies and concealing the bribery investigation.

Reports of the probe had been circulating for months before these formal charges were filed.

“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and… lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” US Attorney Breon Peace said in a statement announcing the charges.

“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.

On several occasions Mr Adani met personally with government officials to advance the bribery scheme, officials said.

Mr Adani is a close ally of Indian Prime Minister Narendra Modi. He has long faced claims from opposition politicians alleging that he has benefited from his political ties, which he denies.

The US Attorney positions in the US are appointed by the president. The filing comes just weeks after Donald Trump won the White House election, pledging to overhaul the US Justice Department.

Last week on social media, Mr Adani congratulated Trump on his election win and pledged to invest $10bn in the US.

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