Gautam Adani, the billionaire chairman of Adani Group, has been indicted by U.S. authorities for his alleged involvement in a massive bribery and fraud scheme. Prosecutors in New York announced on Wednesday that Adani and seven other individuals, including his nephew Sagar Adani, are accused of conspiring to pay approximately $265 million in bribes to Indian government officials. These bribes were allegedly intended to secure contracts for developing one of India's largest solar power plants, expected to generate $2 billion in profits over two decades.

The indictment also claims that the Adanis, along with former Adani Green Energy CEO Vneet Jaain, raised more than $3 billion in loans and bonds by concealing their corrupt practices from investors and lenders.

The charges against the Adani family and their associates include securities fraud, conspiracy to commit securities fraud, and wire fraud. In addition, the Adanis are named in a U.S. Securities and Exchange Commission (SEC) civil case. The other defendants are charged with violating the Foreign Corrupt Practices Act, which targets international bribery.

According to prosecutors, Gautam Adani was referred to by the conspirators with code names like “Numero uno” and “the big man.” Sagar Adani allegedly used his cellphone to track the bribe payments.

Despite the serious charges, none of the defendants are currently in custody, and Gautam Adani is believed to be in India. The Adani Group has yet to respond publicly to the charges.

Adani, 62, is one of the wealthiest individuals globally, with a net worth of $69.8 billion, according to Forbes. His business empire spans industries such as airports, ports, power generation, and mining. This indictment comes nearly two years after the Hindenburg Research report accused Adani Group of improper use of offshore tax havens, which led to a significant drop in its stock value.

In a related development, Adani had recently announced a plan to invest $10 billion in U.S. energy and infrastructure, pledging to create 15,000 jobs, although he did not provide a timeline for the investment.

Political opposition figures in India have long accused Prime Minister Narendra Modi of protecting Adani and his business interests, though Modi has dismissed these allegations as baseless.