Billionaire Gautam Adani Charged in $250M Bribery Scheme

Indian billionaire Gautam Adani has been charged by US prosecutors in a bribery case related to a solar power plant project, where he and seven associates allegedly promised Indian officials over $250 million in bribes to secure contracts.

The US Department of Justice (DOJ) alleges that Adani participated in a bribery scheme related to a solar energy project, which was expected to generate over $2 billion in profits over 20 years. The indictment claims that Adani held meetings with Indian government officials and discussed the bribes with his nephew Sagar Adani, who documented their conversations. The alleged scheme involves raising over $3 billion in loans and bonds from international investors based on false and misleading statements.

Adani and his associates are charged with violating the Foreign Corrupt Practices Act, a US anti-bribery law. The Adani Group has denied the allegations, calling them "baseless" and stating that they will seek all possible legal recourse. The group's shares plummeted 10-20% on Indian stock exchanges, wiping off around $28 billion in market value.

This incident comes at a critical time for Adani, who has faced criticism over his business practices and ties to Indian Prime Minister Narendra Modi. Adani has denied any wrongdoing and stated that the group "steadfastly maintained the highest possible standards of governance and transparency". The company has also faced allegations of using shell entities in tax havens, hiding debt, generating forged import/export documentation, and failing to properly manage their finances, as per a report by Hindenburg Research.

The charges are likely to impact Adani's business ambitions, particularly his plans to expand into the US and other international markets. The Indian economy is deeply intertwined with Adani, who operates 13 ports, 7 airports, and India's second-largest cement business. The case will be closely watched by investors and policymakers as it unfolds.