Gautam Adani-led Adani Group has responded to the bribery and fraud allegations by the US Department of Justice and the US Securities and Exchange Commission, calling the charges “baseless”.
The investigation facilities on Adani Green Energy Ltd. and one other organisation’s contract to present 12 gigawatts of solar energy to the Indian authorities. US prosecutors assert that Adani and his associates manipulated data to appeal to billions in Wall Street investments while coordinating funds or planning to pay over $250 million in bribes to Indian authorities officers for securing vitality contracts.
Following the information of the indictment, Adani Group shares crashed up to 20% with the general market capitalization of the group firms plunging by Rs 2.25 lakh crore. However, in its first reaction to the charges, Adani Group has denied the allegations.
Adani Group’s First Reaction to Gautam Adani Indictment
Below is the complete textual content of the Adani Group spokesperson’s touch upon the allegations:
The allegations made by the US Department of Justice and the US Securities and Exchange Commission in opposition to administrators of Adani Green are baseless and denied.
As said by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All doable authorized recourse shall be sought.
The Adani Group has at all times upheld and is steadfastly dedicated to sustaining the best requirements of governance, transparency and regulatory compliance throughout all jurisdictions of its operations. We guarantee our stakeholders, companions and workers that we’re a law-abiding organisation, totally compliant with all legal guidelines.
Gautam Adani, the founder and chairman of Adani Group, faces indictment in the US together with seven different executives. The charges, offered in a Brooklyn federal courtroom, embody securities fraud, wire fraud, and Foreign Corrupt Practices Act violations. The defendants allegedly engaged in a bribery scheme for securing photo voltaic vitality contracts in India while deceptive worldwide buyers to acquire greater than $3 billion.
Also Read | Gautam Adani charged by US over alleged $250 million bribe plot
The United States District Court for the Eastern District of New York has unsealed a five-count prison indictment, as reported by Reuters, citing US prosecutors.
The US justice division web site particulars that between 2020 and 2024, the accused allegedly disbursed over $250 million in bribes to Indian authorities officers. These actions had been purportedly aimed toward securing vitality contracts anticipated to yield greater than $2 billion in post-tax earnings over twenty years.
The U.S. Attorney’s Office, Eastern District of New York, states: “A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements.”
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The investigation revealed Gautam Adani’s direct involvement by way of private conferences with Indian officers concerning the alleged bribery scheme. The proof contains digital communications, detailed spreadsheets, and photographic documentation of bribe data. Sagar Adani reportedly documented bribe specifics by way of cell phone, while Vneet S. Jaain recorded bribe fee summaries.
