In a major setback for Indian billionaire Gautam Adani, the founder of the Adani Group, and seven others have been indicted in the United States for their involvement in a multibillion-dollar bribery and fraud scheme. The charges allege that the Adani Group bribed Indian officials, particularly in Andhra Pradesh, to secure lucrative solar energy contracts, while defrauding US investors and financial institutions to gain funds.

The indictment reveals that Gautam Adani, along with his nephew Sagar Adani and other executives, were involved in corrupt activities, paying nearly $250 million (Rs 2,029 crore) in bribes to secure Power Sale Agreements (PSAs) with state electricity distribution companies (DISCOMs) in Andhra Pradesh. These agreements were part of the Manufacturing Linked Project (MLP), which was expected to generate $2 billion in profit over two decades.

One of the key figures in the alleged scheme is Foreign Official #1, a high-level official in Andhra Pradesh between 2019 and 2024, who is said to have received nearly $228 million (Rs 1,750 crore) in bribes. The indictment also points to meetings between Gautam Adani and the AP official in 2021, which led to the signing of the PSA on December 1, 2021, for the procurement of 2.3 GW of solar power by Andhra Pradesh Discoms.

This scheme unfolds amid a high-profile agreement between the Andhra Pradesh government and Adani Group, involving a $60 billion investment in a 10,000 MW solar power project and a 3,700 MW pumped storage hydropower plant. The projects were seen as transformative for the state's renewable energy sector, promising employment opportunities for thousands of people.

The US prosecutors have also pointed to the use of code names like “Numero Uno” and “the big man,” which are believed to refer to Gautam Adani. The indictment claims that Adani and his associates hid these bribery payments from investors and lenders to secure over $3 billion in loans and bonds for Adani Green Energy.

Gautam Adani, who is Asia’s second-richest person with a reported net worth of $85 billion, has faced scrutiny in recent years, especially following the Hindenburg Research report in 2023, which accused the Adani Group of stock manipulation and accounting fraud, calling it "the largest con in corporate history."

This latest indictment adds to the growing challenges facing Adani, potentially impacting his business empire and global reputation.