GUWAHATI: The Adani Group has strongly refuted recent allegations of bribery and corruption involving its founder Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain. A statement from the US Department of Justice (DoJ) on November 27 cleared the three Adani officials of any involvement in bribery, saying they were not charged with any corruption-related offenses.
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In response to the media attention surrounding the allegations, Adani Green Energy Ltd (AGEL) issued a statement on Wednesday, November 27, calling the charges "incorrect." The company emphasised that neither Gautam Adani, Sagar Adani, nor Vneet Jaain has been charged under the US Foreign Corrupt Practices Act (FCPA).
In a filing with the stock exchanges, AGEL clarified that while the DoJ indictment mentions other individuals, it does not accuse the Adani executives of violating the FCPA or obstructing justice. The charges in the indictment focus on people connected to Azure Power and its major shareholder, CDPQ (Caisse de dépôt et placement du Québec), not the Adani officials. The allegations against the Adani executives relate to securities fraud and wire fraud but do not include evidence of any actual bribes being paid.
The allegations have caused a hit to the Adani Group’s market value, which has fallen by around $55 billion across its 11 listed companies.