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Indian billionaire Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.

The criminal charges, filed on Wednesday in New York, are the latest blow to 62-year-old Mr Adani, one of India’s richest men, whose business empire extends from ports and airports to renewable energy.

In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.

The Adani Group did not immediately respond to a request for comment.

Shares of Adani Group firms fell more than 10% in Thursday morning trade, with the group losing around $30bn in market capitalization. Adani Green Energy, which is the firm at the center of the allegations, also said it wouldn’t proceed with a $600m bond offering.