Federal prosecutors in New York have charged Indian billionaire Gautam Adani with multiple counts of fraud, accusing him and his associates of bribing Indian officials and misleading investors. The charges, announced by the U.S. Attorney’s Office for the Eastern District of New York, include wire fraud and securities fraud.

Adani, whose wealth exceeds $85 billion through his Adani Group conglomerate, is alleged to have orchestrated over $250 million in bribes to secure lucrative solar energy contracts for Adani Green Energy, a renewable energy company under his group. Prosecutors claim Adani personally discussed the bribery scheme with officials.

The indictment also accuses Adani Green Energy of raising funds from U.S. and international investors during a 2021 bond offering based on false claims about the company’s anti-corruption practices. The U.S. Securities and Exchange Commission (SEC) has filed a parallel civil case, stating that the company raised $175 million from U.S. investors under these misrepresentations.

Breon Peace, the U.S. attorney for the district, called the scheme “elaborate,” accusing Adani and his associates of bribery and deceit to secure contracts and raise capital.

Additional charges were brought against key executives, including Adani’s nephew Sagar R. Adani and Vneet S. Jaain, as well as former employees of a Canadian institutional investor, such as Deepak Malhotra. They face accusations of conspiring to violate the Foreign Corrupt Practices Act (FCPA) and obstruct investigations.

The defendants allegedly used coded communication and detailed tracking systems, including messaging apps and PowerPoint presentations, to manage and document their bribes. Adani was reportedly referred to by aliases such as “SAG,” “Mr. A,” and “Numero uno,” while Jaain was nicknamed “V,” “snake,” and “Numero uno minus one.”

Prosecutors further allege that some defendants discussed destroying incriminating digital evidence, including emails and PowerPoint files.

Adani’s rise to power has long been tied to his close relationship with Indian Prime Minister Narendra Modi, a connection critics claim has given him an unfair advantage. Both Adani and Modi hail from Gujarat, and their relationship has reportedly influenced government policies and bidding processes favoring Adani Group. However, Adani denies any special treatment, asserting his business foundations were established in the 1980s, prior to Modi’s tenure.

The FCPA, enacted in 1977, prohibits bribery of foreign officials by companies operating in the U.S. While enforcement of the law has intensified in recent decades, critics argue that it disproportionately affects U.S.-regulated businesses. Notable cases have resulted in hefty fines for global companies like Siemens, Petrobras, and Halliburton, as well as a major scandal involving Malaysia’s 1MDB fund and Goldman Sachs.

Efforts to challenge the FCPA have been made, including by former President Donald Trump, who considered it a disadvantage to American businesses. Jay Clayton, Trump’s nominee for U.S. Attorney for the Southern District of New York, also criticized the law in a 2011 paper, arguing it burdens U.S. companies in international markets and hinders competitiveness.

A lawyer for Adani was unavailable for comment, while Sagar Adani’s lawyer declined to respond. Deepak Malhotra’s lawyer maintained his client’s innocence.