Indian billionaire Adani faces $250 million bribery charges in US: Major setback for Modi

Indian billionaire Gautam Adani, a close ally of India’s Prime Minister Narendra Modi, has been charged with orchestrating a $250 million bribery scheme in the United States.

Charges were filed in New York.

Adani and his senior executives are accused of paying bribes to Indian officials to secure lucrative contracts for his renewable energy firm. 

This was set to earn him more than $2 billion in profits.

The Adani Group previously has been accused of stock manipulation and accounting fraud by the U.S.-based investment research firm Hindenburg Research.

Adani Group has denied the allegations, calling them baseless.

However, the charges have triggered a market sell-off, with Adani companies losing more than $20 billion in market value.

U.S. authorities’ investigation began in 2022.

Analysts say it could have serious implications for Adani’s business empire.

Opposition leader Rahul Gandhi demanded Adani’s arrest.

The filing of charges comes just weeks after Donald Trump won presidential elections.

Last week on social media, Adani congratulated Trump on his election win and pledged to invest $10 billion in the U.S.