Adani Executives Deny US Bribery Allegations amid Legal Battle

The Adani Group reports that Gautam Adani and associates face charges in a US bribery case but not under claims of FCPA violations. Instead, charges include securities fraud conspiracy. The group denies all allegations, pursuing legal measures, while potential penalties remain unspecified by US authorities.

The Adani Group has announced that neither Gautam Adani nor his nephew Sagar Adani have been charged with any violations of the US Foreign Corrupt Practices Act (FCPA) in connection with a bribery case filed by US authorities. The group confirmed the charges but clarified they do not include FCPA breaches.

According to recent court documents, Gautam Adani and his associates are implicated in an alleged scheme to pay $265 million in bribes to Indian officials to secure contracts for solar electricity, potentially generating $2 billion in profits over two decades. Despite the charges, the group's legal filings claim that reports citing FCPA violations are incorrect.

The indictment against the executives includes securities fraud conspiracy and wire fraud conspiracy, but no specific fines or penalties have been quantified. The Adani Group continues to deny the allegations, indicating a commitment to legal recourse to counter the charges presented by the Department of Justice in New York.

(With inputs from agencies.)