NEW DELHI, Nov 21 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million bribery scheme, plunging his conglomerate deep into crisis for the second time in two years.
The multiple counts of fraud levelled against Adani, who is one of the world's richest people, and seven other defendants, sent shares and bonds of Adani firms tumbling on Thursday. Adani Green Energy (ADNA.NS), the company at the centre of the allegations, also cancelled a $600 million bond sale.
Arrest warrants have been issued for Adani and his nephew Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show.
The charges follow much turmoil for the Adani Group last year after short-seller Hindenburg Research issued a report that accused it of using offshore tax havens improperly - which the company has denied.
U.S. federal prosecutors said the defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.
They also said the Adanis and another executive at Adani Green Energy's former CEO Vneet Jaain raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.
The three were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Adanis were also charged in a parallel U.S. Securities and Exchange Commission (SEC) civil case.
"Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors," the SEC said in a press statement.
"The SEC's complaint against Gautam and Sagar Adani charges them with violating the antifraud provisions of the federal securities laws. The complaint seeks permanent injunctions, civil penalties, and officer and director bars," it added.
Representatives for the Adani Group did not respond to repeated requests for comment. Indian authorities, including the Securities and Exchange Board of India (SEBI), also did not respond to requests for comment on the U.S. charges.
Shares in Adani Green Energy plunged 17% and stocks for many other firms in the conglomerate lost more than 10%. The group lost $28 billion in value in Thursday trade, putting its firms' combined market capitalisation at $141 billion. Before last year's Hindenburg report, the group's market value was $235 billion.
Adani dollar bonds slumped, with prices down between 3-5c on bonds for Adani Ports and Special Economic Zone .
Prime Minister Narendra Modi's administration has been accused by political opponents of favouritism toward Adani in government decisions. Modi and Adani, who both are from the western state of Gujarat, have denied impropriety.
On Thursday, India's Congress party reiterated calls for a parliamentary investigation into alleged wrongdoing by the Adani Group. A probe by SEBI in the wake of the Hindenburg report is ongoing.
The unsealed criminal charges by the U.S. Attorney's Office for the Eastern District of New York showed some conspirators referred privately to Gautam Adani with the code names "Numero uno" and "the big man," while Sagar Adani allegedly used his cellphone to track specifics about the bribes.
Five other defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a U.S. anti-bribery law, and four were charged with conspiring to obstruct justice.
None of the defendants is in custody, a spokesperson for U.S. Attorney Breon Peace in Brooklyn said. Gautam Adani is believed to be in India.
Gautam Adani is worth $69.8 billion according to Forbes magazine, making him India's second-richest man after Mukesh Ambani. He is one of the few billionaires formally accused in the United States of criminal wrongdoing.
Shares in GQG Partners , an Australia-listed investment firm that is a major Adani backer, slid 20%, its largest one-day fall since it listed three years ago. It said in a statement that it was monitoring the charges.
Kirill Dmitriev, Russian President Vladimir Putin’s investment envoy, is visiting Washington this week for talks with members of the Trump administration, sparking fresh speculation over behind-the-scenes diplomacy between Moscow and Washington.
Danish jeweler Pandora estimates that U.S. tariffs could cost the company around 1.2 billion crowns ($178 million) annually. While some mitigation is possible, Pandora is exploring further measures, including price adjustments and supply chain changes, to reduce the financial burden.
A roundtable discussion on Azerbaijan’s demining initiatives was held at the Hudson Institute in Washington, organized by the Azerbaijani Embassy. Representatives from ANAMA and the Ministry of Foreign Affairs provided insights into ongoing operations and challenges related to landmine clearance.
German Economy Minister Robert Habeck has strongly condemned the newly announced US tariffs, warning that they could trigger an economic downturn, lead to a global recession, and disrupt international trade.
A senior Russian official is expected to arrive in Washington this week for direct talks with the Trump administration, a source familiar with the plan confirmed.
U.S. President Donald Trump’s inner circle is advising him against speaking with Russian President Vladimir Putin unless Russia commits to a full ceasefire in Ukraine, NBC News reported on Thursday, citing administration officials.
Kirill Dmitriev, Russian President Vladimir Putin’s investment envoy, is visiting Washington this week for talks with members of the Trump administration, sparking fresh speculation over behind-the-scenes diplomacy between Moscow and Washington.
A Russian drone strike hit residential buildings in Kharkiv late on Thursday, killing at least two people and injuring 32 others, Ukrainian officials said, as nightly attacks on the country's cities continue to mount.
In Sydney’s Bennelong, where Chinese Australians make up a large share of the electorate, the fight for votes is playing out on unexpected turf: Xiaohongshu.
Leaders from Central Asia and the European Union will meet in Samarkand on April 4 for the first-ever EU-Central Asia Summit, aimed at deepening ties. Talks will focus on trade, investment, green energy, and security — marking a new era of cooperation.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
U.S. President Donald Trump’s inner circle is advising him against speaking with Russian President Vladimir Putin unless Russia commits to a full ceasefire in Ukraine, NBC News reported on Thursday, citing administration officials.
Kirill Dmitriev, Russian President Vladimir Putin’s investment envoy, is visiting Washington this week for talks with members of the Trump administration, sparking fresh speculation over behind-the-scenes diplomacy between Moscow and Washington.
A Russian drone strike hit residential buildings in Kharkiv late on Thursday, killing at least two people and injuring 32 others, Ukrainian officials said, as nightly attacks on the country's cities continue to mount.
In Sydney’s Bennelong, where Chinese Australians make up a large share of the electorate, the fight for votes is playing out on unexpected turf: Xiaohongshu.
The United States is relapsing into an old identity. In 2025, President Donald Trump revived the strategy that once defined the American economy — tariffs. For more than a century, from 1789 to 1913, tariffs powered U.S. government revenues and protected domestic industry.
U.S. President Donald Trump’s inner circle is advising him against speaking with Russian President Vladimir Putin unless Russia commits to a full ceasefire in Ukraine, NBC News reported on Thursday, citing administration officials.
Kirill Dmitriev, Russian President Vladimir Putin’s investment envoy, is visiting Washington this week for talks with members of the Trump administration, sparking fresh speculation over behind-the-scenes diplomacy between Moscow and Washington.
A Russian drone strike hit residential buildings in Kharkiv late on Thursday, killing at least two people and injuring 32 others, Ukrainian officials said, as nightly attacks on the country's cities continue to mount.
In Sydney’s Bennelong, where Chinese Australians make up a large share of the electorate, the fight for votes is playing out on unexpected turf: Xiaohongshu.
Leaders from Central Asia and the European Union will meet in Samarkand on April 4 for the first-ever EU-Central Asia Summit, aimed at deepening ties. Talks will focus on trade, investment, green energy, and security — marking a new era of cooperation.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment