The withdrawal marks another low point in U.S.-India ties after the billionaire’s indictment on charges related to fraud, and a blow to Washington’s bid to counter China’s regional clout.

Adani Ports has withdrawn its request for a $553 million loan from the US International Development Finance Corporation (IDFC) for a Sri Lankan port project. Facing US fraud allegations, the company will now self-fund the Colombo West International Terminal development,

This comes after the US Department of Justice charged Adani Group Founder and Chairman Gautam Adani and seven others over allegedly conspiring to pay $265 million in bribes to Indian officials to secure lucrative solar power supply contracts that were expected to yield $2 billion in profits over 20 years.