---
title: "Indian Billionaire Gautam Adani Faces US Charges Over $250 Million Dollar Bribery Claims"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-11-21T05:40:50+00:00"
modified: "2024-11-21T05:40:50+00:00"
date: 2024-11-21
canonical: "https://stockmark.it/indian-billionaire-gautam-adani-faces-us-charges-over-250-million-dollar-bribery-claims/"
category: "Business"
categories: ["Business", "International Trade"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-10-03T060941.044.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Indian Billionaire Gautam Adani Faces US Charges Over $250 Million Dollar Bribery Claims

**Published:** November 21, 2024
**Author:** Stockmark.IT Website
**Categories:** Business, International Trade
**Featured image:** ![Close-up of a pile of one dollar bills. Windfall tax impact. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-10-03T060941.044.jpg?fit=1200%2C800&quality=89&ssl=1)

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Indian business magnate Gautam Adani has been indicted by US prosecutors over an alleged massive bribery scheme involving solar power contracts, marking a significant blow to one of Asia’s most prominent business figures.

The 62-year-old chairman of the Adani Group, alongside seven others including his nephew Sagar Adani, stands accused of orchestrating a complex scheme to bribe Indian government officials. The alleged corruption, valued at more than £250 million, was reportedly designed to secure favourable terms on solar power contracts with projected profits exceeding £2 billion.

US federal prosecutors claim the scheme, operating between 2020 and 2024, involved concealing bribes from US banks and investors who provided billions in funding. The indictment suggests Gautam Adani personally met with an Indian official to advance these arrangements.

The charges have triggered a substantial market reaction, with shares across Adani’s ten listed companies experiencing significant declines on Thursday. The group’s flagship enterprise, Adani Enterprises, witnessed a 10 per cent drop, matching the decline in its ports business division.

The US Securities and Exchange Commission’s parallel civil lawsuit alleges the bribes were intended to secure above-market rates for energy purchases benefiting Adani Green and Azure Power. The investigation revealed detailed documentation of these activities through mobile phones, PowerPoint presentations, and Excel spreadsheets.

This legal challenge threatens to reignite concerns about the conglomerate’s practices, following previous allegations of accounting fraud and stock manipulation by US short-seller Hindenburg Research last year. The timing is particularly problematic as it coincides with Adani’s recent announcement of plans to invest £10 billion in American energy security and infrastructure projects.

In response to the charges, Adani Green has suspended a planned £600 million bond issue, despite having attracted more than £2 billion in bids. The Canadian pension fund CDPQ, implicated in the case through former employees, has confirmed its cooperation with US authorities while maintaining distance from the terminated staff members.

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