(Reuters) -Indian billionaire Gautam Adani oversees a sprawling conglomerate with activities spanning construction of airports to supply of electricity and the sale of cooking oil. U.S. authorities have accused Adani,

Adani, an Indian business magnate and one of the richest men in Asia, faces new allegations of fraud to secure solar energy supply contracts.

Adani, 62, one of Asia’s richest men, was thrust into the spotlight last week when U.S. prosecutors in New York charged him and seven of his associates with securities fraud.

U.S. prosecutors allege that Gautam Adani, the second most-wealthy Indian man, personally met with Indian government officials to further their “bribery scheme.”

Gautam Adani’s spot as Asia’s second-richest person is under renewed threat after US prosecutors charged him in November with suspected bribery, triggering a rout in the stocks of his companies. The Adani Group issued a statement that called the charges baseless.

The billionaire said the company is committed to "world-class regulatory compliance," without giving further details.

American prosecutors have accused Gautam Adani of orchestrating a scheme to bribe officials with $265 million to secure state energy contracts. The Indian billionaire responded to the allegations for the first time on Saturday.

Gautam Adani breaks silence on US allegations to say his group is committed to compliance:: Gautam Adani, Adani Group founder"Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy.