Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his alleged role in a $265 million bribery scheme, according to U.S. prosecutors.
Authorities stated that Adani and seven other defendants, including his nephew Sagar Adani, were accused of agreeing to pay bribes to Indian government officials to secure contracts expected to generate $2 billion in profits over 20 years, including developing India’s largest solar power plant project.
A judge has issued arrest warrants for Gautam Adani and Sagar Adani, with prosecutors planning to hand these warrants to foreign law enforcement, according to court records.
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The fallout for the Adani empire was immediate. Adani Green Energy cancelled plans to raise $600 million in U.S. dollar-denominated bonds, according to four sources with direct knowledge of the matter. The bond had been priced but was pulled following the news.
In early Asian trading on Thursday, Adani dollar bonds slumped, with prices dropping between 3-5 cents on bonds for Adani Ports and Special Economic Zone. These falls were the largest since the Adani Group faced a short-seller attack in February 2023.
Prosecutors also alleged that the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by concealing their corruption from lenders and investors.
According to the indictment, some conspirators privately referred to Gautam Adani with code names “Numero uno” and “the big man,” while Sagar Adani allegedly used his cellphone to track specifics about the bribes.
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