Indian billionaire Gautam Adani has been charged with fraud in the US in connection with his renewable-energy company.
US prosecutors accused the owner of Adani — the shipping and ports group — of carrying out a $250m bribery scheme to win contracts for Adani Green Energy.
The 62-year-old is one of the world’s richest men.
The BBC cited an indictment alleging the tycoon and other senior executives agreed payments to Indian officials.
Adani stood to make $2bn in profits over 20 years from the deals, it was claimed.
Adani Group has denied the allegations, calling them “baseless”.
“All possible legal recourse will be sought,” it said in a statement.
In August, the group stepped up its interest in shipping by taking a controlling stake in Dubai shipowner Astro Offshore.
The Adani Ports & Special Economic Zone unit paid $185m in an all-cash deal for 80% of a company controlling 26 offshore support vessels.
Adani Group already had five offshore utility ships as part of a fleet of 18 bulkers, tankers and container ships.
Bond offering pulled
As a result of the charges, Adani Green Energy said it would not now proceed with a $600m bond offering.
Prosecutors said the US began investigating the company in 2022.
They allege executives raised $3bn in loans and bonds, including from US firms, using false and misleading statements related to the firm’s anti-bribery practices.
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and … lied about the bribery scheme as they sought to raise capital from US and international investors,” US Attorney Breon Peace said in a statement.
“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.
