US charges Indian billionaire Gautam Adani with fraud
Indian billionaire Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.
The criminal charges, filed on Wednesday in New York, are the latest blow to 62-year-old Mr Adani, one of the world's richest men, whose business empire extends from ports and airports to renewable energy.
In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.
Shares of Adani Group firms fell more than 10% in Thursday morning trade with the group losing more than $20bn in market capitalisation. Adani Green Energy, which is the firm at the centre of the allegations, also said it wouldn't proceed with a $600m bond offering.
The conglomerate has been operating under a cloud since 2023, when US short-seller Hindenburg Research published a report accusing it of decades of "brazen" stock manipulation and accounting fraud.
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