Indian billionaire Gautam Adani and seven others have been indicted by US prosecutors in a $265 million bribery and fraud case linked to power-supply deals.

According to Adani Group CFO Jugeshinder Singh, the charges primarily concern one contract of Adani Green Energy, which represents approximately 10% of its business.

Adani, one of the world’s richest individuals, has dismissed the allegations as “baseless.” On Saturday, Singh defended the group, stating that none of Adani’s 11 publicly traded companies are directly implicated in the indictment. He also emphasized that the accusations pertain solely to Adani Green Energy and do not extend to other entities within the $143 billion conglomerate.

The indictment, the latest blow to the group, has already led to significant financial and reputational repercussions.

Adani Green’s shares have plummeted since the charges were announced. Some global banks are reportedly considering temporarily halting fresh credit to Adani companies. On the other hand, Kenya has terminated two contracts with Adani worth over $2.5 billion.

The charges also allege that Adani misled US investors about its anti-bribery compliance in a $750 million bond offering last year, $175 million of which was raised from US financial institutions.

US prosecutors have also implicated Sagar Adani, a director at Adani Green Energy and part of the billionaire’s family, accusing him of overseeing alleged bribes to Indian officials. According to the indictment, he reportedly kept records of these transactions on his mobile phone.