US indicts Asia’s 4th richest man in $250 million bribery scheme

On Wednesday, Indian billionaire Gautam Adani and senior associates were charged in the U.S. with orchestrating a $250 million bribery scheme to secure lucrative solar energy contracts in India.

Federal prosecutors in New York alleged that Adani Green Energy bribed Indian officials to win contracts projected to yield over $2 billion in profits. The indictment further accused the 62-year-old and his associates of concealing these bribes while raising $3 billion through loans and bonds, misleading U.S. investors about the company’s anti-bribery practices. The Securities and Exchange Commission has filed a parallel civil case, seeking monetary penalties.

Shares of Adani Group companies plummeted following the news, dropping 22% on Thursday. The charges mark the latest blow to Adani’s empire, which has faced allegations of financial misconduct since 2023.

Adani, estimated to be worth $57.7 billion, is currently the fourth richest man in Asia, only behind Chinese Canadian Changpeng Zhao ($61B), India’s Mukesh Ambani ($96.5 B) and Nvidia’s Jensen Huang ($127.9B). Adani’s conglomerate has denied the accusations and vowed to pursue legal recourse.