Self-made Indian billionaire faces biggest test after US fraud charges

Just weeks ago, Gautam Adani, one of the world’s richest men, celebrated Donald Trump’s election victory and announced plans to invest $10bn (£7.9bn) in energy and infrastructure projects in the US.

Now, the 62-year-old Indian billionaire and a close ally of Prime Minister Narendra Modi, whose sprawling $169bn empire spans ports and renewable energy, faces US fraud charges that could potentially jeopardise his ambitions at home and abroad.

Federal prosecutors have accused him of orchestrating a $250m bribery scheme and concealing it to raise money in the US. They allege Mr Adani and his executives paid bribes to Indian officials to secure contracts worth $2bn in profits over 20 years. Adani Group has denied the allegations, calling them "baseless."

Adani Group firms lost $34bn in market value on Thursday, reducing the combined market capitalisation of its 10 companies to $147bn. Adani Green Energy, which is the firm at the centre of the allegations, also said it wouldn't proceed with a $600m bond offering.

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