Adani Group Denies Bribery Allegations by US Authorities

The Adani Group has denied allegations by the US Department of Justice (DOJ) and Securities and Exchange Commission (SEC) regarding bribery and corruption charges against Gautam Adani and others. Adani officials are only charged with securities and wire fraud conspiracies, with no evidence of bribes paid.

The Adani Group has categorically denied allegations of bribery and corruption that were reportedly filed by the US Department of Justice and the US Securities and Exchange Commission against its founder Gautam Adani, his nephew Sagar Adani, and Adani Green Energy's MD and CEO Vineet Jaain. In a formal filing with stock exchanges, the group labeled these accusations as 'incorrect'.

Adani Green Energy Ltd. clarified, "Media articles alleging that Gautam Adani, Sagar Adani, and Vneet Jaain have been charged with violations of the US Foreign Corrupt Practices Act (FCPA) are inaccurate." The company insisted that none of the leaders have been implicated in the DOJ or SEC indictments.

The official filing further explained that neither Gautam Adani nor the others were mentioned in the FCPA violation conspiracy and obstruction of justice counts detailed in the DOJ's indictment. These charges specifically pertain to individuals associated with another company, Azure Power. Adani officials are primarily facing allegations related to securities and wire fraud conspiracies, without substantial evidence of any bribes being paid to Indian officials. The Adani Group remains a major player in the international infrastructure sector despite recent financial upheavals, following the indictment news.

(With inputs from agencies.)