Adani Group Denies Bribery Allegations in US Legal Battle

The Adani Group has denied bribery allegations made by US authorities against its executives. In a filing, the company clarified that its officials are not charged with violating the US Foreign Corrupt Practices Act. The group emphasized that the charges against them don't involve bribery per se.

In a firm rebuttal, the Adani Group has insisted that recent bribery allegations levied by United States authorities against its top executives are unfounded. In formal filings with stock exchanges, the conglomerate dismissed claims against its founder Gautam Adani, Sagar Adani, and Adani Green Energy's MD CEO Vineet Jain.

The accusations involve the US Department of Justice and the Securities and Exchange Commission, citing incorrect media reports claiming violations of the US Foreign Corrupt Practices Act (FCPA). "Gautam Adani, Sagar Adani, and Vneet Jain have not been charged with any violation of the FCPA," the Adani Group emphasized.

Despite the indictment by the DOJ featuring five counts, it does not allege any involvement of Adani executives in major corruption charges. Instead, other individuals from unrelated entities are named. However, Adani officials are facing accusations of securities and wire fraud conspiracy, though no direct evidence of bribery is provided.

(With inputs from agencies.)