Asia’s second-richest person indicted over a $265 million bribery scandal, following years of rapid expansion and mounting controversies
Gautam Adani, the Indian billionaire tycoon at the center of a multimillion-dollar bribery scandal, has long been a polarizing figure in both India and the global business community. From humble beginnings in Ahmedabad, Gujarat, Adani’s extraordinary rise to prominence has been accompanied by a trail of controversy, with accusations ranging from corruption and tax evasion to environmental and human rights concerns.
Born on June 24, 1962, Adani dropped out of school at just 16, embarking on a self-made journey that led him to establish Adani Group in 1988, initially focused on commodities trading. His company eventually expanded into a vast portfolio, ranging from power and ports to sugar and soybeans, making him one of the wealthiest individuals in Asia.
Adani’s personal and business life, however, has been marked by several high-profile controversies. These include questions over his group’s dealings in Australia, Bangladesh, and India, as well as a recent US-based short seller report by Hindenburg Research that accused the Adani Group of using offshore tax havens. The report led to a staggering $150 billion loss in market value for Adani Group companies last year. Despite these allegations, Adani has steadfastly denied any wrongdoing and recovered much of the lost value, maintaining a net worth of $57.6 billion, according to Forbes.
In a new blow to his reputation, US authorities have indicted Adani, along with seven other defendants, over a $265 million bribery scheme aimed at securing supply contracts in India. These contracts, which were expected to yield $2 billion in profits over 20 years, are tied to the development of India’s largest solar power plant. Authorities allege that bribes were paid to Indian government officials to facilitate these deals. The Adani Group has not responded to Reuters’ requests for comment regarding the charges.
Adani’s political connections have been another source of controversy. A close ally of Indian Prime Minister Narendra Modi, Adani has frequently been accused by opposition leaders of receiving preferential treatment in government contracts. These allegations have persisted despite both Modi and Adani rejecting the claims.
In addition to his business ventures, Adani’s personal life has also been in the public eye. Married to dentist Priti Adani, the couple has two sons who are involved in the business. Known for his “hands-on” approach to management, Adani has expressed plans to pass on his empire to his children when he turns 70.
Despite the mounting challenges, including the US indictment, Adani has continued to expand his international footprint, with plans to invest $10 billion in US energy and infrastructure projects, creating thousands of jobs. His political inclinations are also clear, having expressed admiration for former US President Donald Trump, praising his “tenacity” and offering congratulations after Trump’s election victory.
As Gautam Adani’s empire faces both legal and financial hurdles, the future of one of Asia’s most ambitious business magnates hangs in the balance, with the full repercussions of the US charges still yet to unfold.
