Gautam Adanihis nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain also raised more than $3 billion in loans and bonds by hiding corruption from lenders and investors, prosecutors said.

Adani Group said on Thursday that accusations made by the US Department of Justice and the US Securities and Exchange Commission in a parallel civil case were “baseless and denied” and that it would seek “all possible legal remedies” .

“The Adani Group has always respected and is firmly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions where its operations are carried out.

“We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws.”

Kenya on Thursday canceled a widely expected procurement process worth nearly $2 billion to award control of the country’s main airport to the Adani Group.

The Adani Group is a major company present in its domestic market. Yet Citigroup analysts estimate that Indian banks’ exposure to the group was less than 1 percent of total loans to most lenders.