New York/New Delhi: Billionaire industrialist Gautam Adani has been charged by US prosecutors for allegedly orchestrating a bribery scheme worth $250 million to secure favourable solar power contracts in India.

The charges, brought by the US Attorney’s Office for the Eastern District of New York, accuse Adani, his nephew Sagar Adani, and others of paying bribes between 2020 and 2024 to Indian government officials.

Prosecutors claim the scheme was concealed from US banks and investors who provided billions in funding for the project. US law allows authorities to pursue foreign corruption cases with links to American investors or financial markets.

Adani, 62, along with Sagar Adani, an executive director at Adani Green Energy Ltd, and former CEO Vneet Jaain, faces charges of securities fraud, conspiracy to commit securities fraud, and wire fraud conspiracy. The US Securities and Exchange Commission (SEC) has also filed a civil case against them.

Additionally, three former employees of Canadian pension fund CDPQ were charged with obstructing an investigation by deleting emails and providing false information to US authorities. CDPQ is a shareholder in Adani companies.

Court documents reveal that bribes were allegedly used to secure contracts for one of the world’s largest solar energy projects, potentially generating over $2 billion in profit. Adani and his associates reportedly used code names like "Numero Uno" and "The Big Man" for him, while Sagar tracked bribery details on his phone.

In March 2023, the FBI seized electronic devices from Sagar Adani in the US as part of the investigation. Gautam Adani later emailed himself copies of the search warrant and subpoena served on Sagar.

This case comes as the Adani Group is recovering from allegations by US-based short-seller Hindenburg Research. In January 2023, Hindenburg accused the conglomerate of stock manipulation and accounting fraud, leading to a $150 billion loss in market value at its peak. Although Adani Group denied the claims, its stocks have since regained most of the losses.

The new charges could once again disrupt the conglomerate, which spans sectors including airports, ports, power generation, and mining.

Former executives of Azure Power Global, Ranjit Gupta and Rupesh Agarwal, were also charged with paying bribes. Azure Power’s stock, traded on the New York Stock Exchange, and Adani Green Energy reportedly raised over $175 million from US investors during the alleged scheme.