Adani Group, led by billionaire Gautam Adani, faces increased scrutiny as U.S. bribery allegations lead to credit downgrades. The allegations involve a $265 million scheme linked to Indian power projects,

Federal prosecutors issued arrest warrants for the billionaire head of the Adani Group and his nephew Sagar, alleging they participated in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Indian billionaire Gautam Adani has been slapped with criminal fraud charges in the US for allegedly orchestrating a $250m (£198m) bribery scheme to secure lucrative renewable energy contracts in his home country.

Shares of Adani Group companies declined on Tuesday, with Adani Green Energy experiencing a 7% drop. The decline followed news of US indictment of Gautam Adani and executives for alleged bribery. French energy group TotalEnergies paused investments,

This account of how the alleged scheme unfolded is drawn from federal prosecutors' 54-page criminal indictment of Adani and seven of his associates and two parallel civil SEC complaints.

Adani has been charged by U.S. federal prosecutors with defrauding investors for a solar energy project in India.

Since the bribery indictment last week, Indian billionaire Gautam Adani's net worth has tumbled almost $16 billion to about $54 billion currently, according to Forbes real-time data. The group is also facing a backlash from investors and business partners.

Some nations and investors have either scrapped deals or halted investments in the Adani Group, after the United States indicted its billionaire chairman Gautam Adani for alleged bribery and fraud to win contracts for a group company,

Following U.S. bribery charges against Gautam Adani, several nations and investors have paused or scrapped deals with the Adani Group. TotalEnergies halted investments, and the U.S. International Development Finance Corp is reviewing a $550 million Sri Lanka port project.