Indian billionaire Gautam Adani, chairman of the Adani Group and one of the world’s wealthiest individuals, is facing criminal charges in the United States for his alleged involvement in a multi-billion-dollar fraud and bribery scheme.
The indictment accuses Gautam Adani of conspiring to pay $265 million in bribes to Indian government officials to secure contracts for India’s largest solar power project, Reuters news report said.
Gautam Adani is charged with foreign bribery, securities fraud, conspiracy, and wire fraud conspiracy. U.S. prosecutors allege that Gautam Adani and his co-defendants paid bribes to obtain contracts valued at $2 billion over two decades. They further claim that U.S. investors were misled by efforts to conceal the payments.
Gautam Adani, believed to be in India, has not been arrested. For U.S. prosecutors to proceed, India would need to approve his extradition under the countries’ treaty, a process that could be lengthy and politically sensitive. Indian courts would assess factors such as whether the charges align with Indian law and if they are politically motivated.
The Adani Group dismissed the charges as baseless, asserting its compliance with all legal standards. In a statement, the conglomerate emphasized its status as a law-abiding organization.
Gautam Adani has yet to enter a plea. If extradited or if he voluntarily appears in U.S. court, he could challenge the charges procedurally or substantively. While defendants often struggle to have charges dismissed early, Gautam Adani could seek a plea deal or prepare for a trial. A conviction could carry significant penalties, including decades in prison and monetary fines.
A trial would likely be delayed by pretrial legal battles, including disputes over evidence admissibility. If convicted, Gautam Adani could face up to five years for foreign bribery and 20 years for securities fraud and related charges.
This case marks a high-profile challenge for Gautam Adani, with both legal and political implications extending across India and the U.S.