Gautam Adani, an Indian billionaire, has been accused of defrauding US authorities by allegedly orchestrating a$ 250 million ( £198 million ) bribery scheme and hiding it in order to raise money there.
The legal fees, filed on Wednesday in New York, are the latest blow to 62-year-old Mr Adani, one of India’s richest men, whose firm kingdom extends from ships and flights to solar energy.
According to the indictment, the tycoon and other senior executives allegedly consented to receiving payments to Indian officials in exchange for winning contracts for his renewable energy company, which was projected to generate more than$ 2 billion in 20 years.
A post demand was not immediately addressed by The Adani Group.
Since 2023, a well-known business has been running the company in the US under the guise of a report alleging fraud against it. The states, which Mr Adani denied, prompted a big business sell-off.
For months, rumors about this corruption investigation have been swirling. The US began looking into the business in 2022, according to the prosecution, and the investigation was halted.
According to them, managers raised$ 3 billion in funding and securities, including from US companies, as a result of false and deceptive claims about the company’s anti-bribery procedures and policies as well as reports of the corruption probe.
According to US Attorney Breon Peace, the accused “alluded to an elaborate scheme to pay American state authorities to secure deals worth billions of dollars” and “lied about the corruption scheme as they sought to raise money from American and international buyers” in a speech announcing the charges.
” My company is dedicated to preventing fraud in the global market and shielding investors from those who want to profit from our financial markets while pursuing self-interest,” he continued.
According to officials, Mr. Adani personally met with government officials on numerous occasions to promote the extortion system.
Narendra Modi’s alliance, Indian Prime Minister, is Mr. Adani. He has long been the subject of allegations from criticism politicians that he has benefited from his social connections, which he denies.
The leader elects the US Attorney opportunities in the US. Donald Trump won the White House and announced a change to the US Justice Department shortly after his victory.
Mr. Adani pledged to invest$ 10 billion in the US last week while expressing his congratulations on his victory in the election.