November 21, 2024: Indian billionaire Gautam Adani, one of the world's richest people, has been indicted in the United States on charges of defrauding investors and orchestrating a bribery scheme to secure government contracts for his company's massive solar energy project in India.

The indictment, unsealed on Wednesday by federal prosecutors in New York, accuses Adani, 62, of securities fraud and conspiracy to commit securities and wire fraud. The charges relate to his company's multi-billion dollar solar power deal with the Indian government, which was marketed to U.S. investors as a clean, sustainable project to generate 12 gigawatts of solar energy — enough to power millions of homes and businesses across India.

According to the U.S. authorities, Adani and his co-defendants misled Wall Street investors by presenting the project as above-board, while allegedly hiding the fact that the deal was marred by a vast bribery and corruption scheme. The indictment claims that, in parallel to the public-facing narrative of corporate transparency, Adani's companies were secretly planning to pay around $265 million in bribes to Indian officials to facilitate the award of lucrative state energy contracts and financing deals.

"The defendants sought to enrich themselves at the expense of U.S. investors and the integrity of our financial markets," said Deputy Assistant Attorney General Lisa Miller. "This case highlights how corporate executives can exploit their companies’ international reach to defraud investors and violate U.S. law."

Adani's companies, notably his renewable energy arm, Adani Green Energy Ltd., were at the center of a sprawling project aimed at expanding solar energy production in India, one of the world's fastest-growing markets for renewable power. The deal had attracted billions of dollars in investments from American firms over the last five years.

Despite the severity of the charges, Adani’s legal team had not issued a public response at the time of writing. No lawyer representing the tycoon had been listed in online court records, and inquiries directed to the Adani Group, the conglomerate at the heart of the business empire, went unanswered.

The case is expected to raise further scrutiny over the complex dealings of multinational corporations operating in emerging markets like India, where political and financial landscapes often intersect in opaque ways.

Following the news of the indictment, shares in Adani Group companies, which dominate multiple sectors in India, including energy, logistics, and infrastructure, took a sharp dive on the Bombay Stock Exchange. The drop is being closely watched by analysts, as Adani has been a major figure in India’s business world, with his empire rapidly expanding in recent years.

U.S. Attorney Breon Peace, speaking at a press briefing, described the alleged scheme as an "elaborate fraud," and added, "The defendants sought to manipulate the financial markets and deceive investors for their own personal gain, undermining the integrity of our financial system."

The indictment, which includes charges against several other individuals and entities connected to the deal, marks a significant escalation in the legal challenges facing Adani, who has faced previous allegations of financial misconduct and stock manipulation in India. However, this is the first time he has been formally charged by U.S. authorities.