A U.S. court has issued arrest warrants against Gautam Adani and associates over allegations of offering $265 million in bribes to Indian officials to secure solar energy contracts.

This indictment marks a major blow to the Adani Group, triggering a sharp 20% drop in its shares and wiping out ₹2.25 lakh crore in market capitalization. The charges include wire fraud and false disclosures to investors during a bond issuance​.

If enforced, the warrants could restrict Adani’s travel and lead to asset freezes. Additionally, these charges complicate the group’s international fundraising efforts, with Adani Green Energy already canceling a $600 million bond plan. Public and political scrutiny in India has also intensified, with opposition leaders demanding accountability​

Unlike earlier allegations, this case is under U.S. jurisdiction, adding significant legal and reputational risks to the conglomerate.