Indian tycoon Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery

In a statement, the US Department of Justice (DOJ) alleged that Adani – a close ally of India’s Prime Minister Narendra Modi – and seven of his associates, including his nephew Sagar Adani, promised Indian officials more than $250m in bribes to secure energy contracts being funded by international investors, including some from the US.