Indian billionaire Gautam Adani has been charged in a U.S. bribery case related to a major solar power plant project. U.S. prosecutors indicted Adani and seven of his associates, accusing them of orchestrating a bribery scheme worth over $250 million to secure energy contracts funded by international investors, including those from the U.S.

The U.S. Department of Justice (DOJ) claims that Adani, a prominent business figure with close ties to Indian Prime Minister Narendra Modi, was at the forefront of the illegal operation. The charges are linked to his company, Adani Green Energy, and his nephew, Sagar Adani, along with other associates, who allegedly promised bribes to Indian officials in exchange for favorable treatment on solar power plant contracts.

The project in question, if completed as planned, was expected to generate profits of over $2 billion over the next 20 years. Additionally, the group is accused of raising more than $3 billion through loans and bonds from international investors based on false information.

The Adani Group strongly rejected the allegations, calling the charges "baseless" and affirming that they adhere to the highest standards of governance. The company also vowed to pursue legal action to defend its position.

In response to the charges, Adani Group companies experienced a significant loss of value, with shares plummeting by up to 20% on the Indian stock market. The group also canceled a $600 million bond sale.

The indictment comes after a 2023 report by Hindenburg Research, which accused the Adani Group of stock manipulation and fraud. Hindenburg, known for its critical investigations, made a profit as the group's stock price dropped following its report.

Opposition parties in India, including the Congress Party led by Rahul Gandhi, have called for Adani’s arrest, accusing Prime Minister Modi of protecting his business ally.

The charges are related to violations of the Foreign Corrupt Practices Act, a U.S. law that prohibits bribery of foreign officials. Prosecutors allege that Adani and his associates, including Sagar Adani and Vneet S Jaain, made promises to Indian officials to ensure the success of the solar project.

Further allegations include the destruction of evidence and false denials of involvement during meetings with U.S. officials. Alongside the main accused, five other associates of Adani have been charged in connection with the conspiracy.

All the accused are Indian nationals, with the exception of Cyril Cabanes, a French-Australian citizen believed to reside in Singapore. The case highlights the ongoing scrutiny of global business practices and the consequences of violating international anti-corruption laws.
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