Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, U.S. prosecutors said on Wednesday.
Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.
Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.
According to an indictment, some conspirators referred privately to Gautam Adani with the code names “Numero uno” and “the big man,” while Sagar Adani allegedly used his cellphone to track specifics about the bribes.
The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a U.S. anti-bribery law, and four were charged with conspiring to obstruct justice.
None of the defendants is in custody, a spokesperson for U.S. Attorney Breon Peace in Brooklyn said. Gautam Adani is believed to be in India.
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The 62-year-old Adani is worth $69.8 billion according to Forbes magazine, and one of the few billionaires formally accused in the United States of criminal wrongdoing.
His fortune makes him the world’s 22nd-richest person, and second-richest in India behind Reliance Industries (RELI.NS), opens new tab Chair Mukesh Ambani, Forbes said.
Adani grew up in India’s Gujarat state, and dropped out of school at age 16.
