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.

An indictment marks the start of legal proceedings and not a declaration of guilt. A grand jury formally charges someone with a crime by issuing an indictment. This does not prove guilt, but it shows sufficient evidence exists to press charges.

Indian tycoon and one of Asia's richest men, Gautam Adani, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it was unclear just how far the implications will affect his businesses and own future — as well as the Indian economy and government.

Indian billionaire Gautam Adani has been charged with fraud in the US. He is accused of orchestrating a $250m bribery scheme to secure contracts for his renewable energy company, according to a report by the BBC.