New York. Indian billionaire Gautam Adani, one of the world's richest individuals, has been indicted in the United States on charges of defrauding investors by concealing an alleged bribery scheme tied to his company's massive solar energy project in India.

The 62-year-old tycoon was charged with securities fraud and conspiracy to commit securities and wire fraud in a federal indictment unsealed Wednesday. The case revolves around a deal involving Adani Green Energy Ltd. and another company to sell 12 gigawatts of solar power to the Indian government—enough to power millions of homes and businesses.

Prosecutors accuse Adani and his co-defendants of running a dual-front operation: presenting the project as legitimate to attract billions of dollars in Wall Street investments while allegedly planning or paying $265 million in bribes to Indian government officials to secure state contracts and financing.

“This scheme enriched the defendants at the expense of US investors and the integrity of our financial markets,” said US Attorney Breon Peace.

Adani’s nephew, Sagar Adani, an executive at Adani Green Energy, and Vneet Jaain, the company’s former CEO, were also named as co-defendants.

The indictment claims the defendants falsely portrayed Adani Green as a company committed to anti-bribery compliance to global investors. These assurances helped them secure billions in financing for the solar energy project under terms that did not reflect the project's actual risk, prosecutors said.

Meanwhile, electricity distributors in five Indian states signed agreements to purchase energy after bribes were allegedly promised to government officials in 2021 and 2022.

In a parallel civil lawsuit, the US Securities and Exchange Commission (SEC) accused Adani and his associates of violating US securities laws. The SEC is seeking monetary penalties and other sanctions, stating that Adani Green’s senior management misled investors about the company’s ethical practices.

Shares of Adani’s conglomerate plunged in India following news of the indictment. Adani’s company and co-defendants have not publicly commented on the allegations, while calls for accountability have intensified domestically.

Criticism also came from Indian opposition leader Jairam Ramesh, who described the indictment as consistent with a history of fraud and impunity under Prime Minister Narendra Modi's government. Ramesh called for a parliamentary inquiry into Adani's business dealings.

Adani rose to prominence in the 1990s through coal ventures and expanded his empire into various sectors, including infrastructure, defense, and renewable energy. His company has invested heavily in green energy, aiming to become India's largest renewable energy player by 2030.

Despite these ambitions, the Adani Group has faced scrutiny, including allegations from Hindenburg Research last year accusing it of stock manipulation and accounting fraud—claims the company has denied.

The US indictment adds another layer to the controversies surrounding the billionaire, potentially reshaping the future of his global business ventures.