The Adani Group has strongly denied allegations made by the United States Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) against its executives, including billionaire chairman Gautam Adani. In a statement, the group described the allegations as “baseless” and emphasised its commitment to legal compliance.
The statement follows charges brought by US prosecutors against Gautam Adani, his nephew Sagar Adani and former Adani Green Energy Ltd CEO Vineet Jain engaged in a years-long scheme to pay over $250 million in bribes to Indian government officials.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the spokesperson said.
Referring to the DoJ’s own acknowledgement, the statement added, “The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.”
The group also assured stakeholders of its commitment to governance, transparency and compliance, stating, “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”
According to the indictment, these bribes were intended to secure solar energy contracts between 2020 and 2024 on terms that could yield more than $2 billion in profits. The alleged scheme was reportedly concealed from US banks and investors who provided funding for the projects.
Breon Peace, US Attorney for the Eastern District of New York, stated, “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.”
The charges include securities fraud, securities fraud conspiracy and wire fraud conspiracy. In addition, the SEC has initiated a civil case against the Adanis and other defendants for alleged violations of federal securities laws.
The indictment against Gautam Adani and his associates could lead to significant challenges for the conglomerate, which was beginning to recover from allegations made by US short-seller Hindenburg Research earlier this year. In January 2023, Hindenburg accused the Adani Group of “brazen stock manipulation and accounting fraud.”
The Adani Group has stated it will explore all legal options to contest the charges. Meanwhile, US authorities have highlighted that the charges remain allegations until proven in court. No further timeline for proceedings has been disclosed.
Opposition Reacts
Leader of Opposition in the Lok Sabha Rahul Gandhi has demanded that Gautam Adani be arrested immediately and his ‘protector’ Madhabi Puri Buch be investigated thoroughly.
“It is now pretty clear and established in America that Mr Adani has broken both American law and Indian law. He has been indicted in the United States and I am wondering why Mr Adani is still running around a free man in this country?” he questioned.
Criticising Prime Minister Narendra Modi’s ‘Ek hain to safe hain’ slogan, Rahul Gandhi remarked that as long as PM Modi and Gautam Adani remain aligned, they will remain secure in India.
“No action will be taken against Adani in India. Chief ministers have been jailed for scams of Rs 10-15 crore, but Gautam Adani, who has committed a scam of Rs 2,000 crore is walking free. He should be arrested immediately and his protector, Madhabi Puri Buch, should be removed and investigated for not taking action,” Rahul Gandhi added.
Also Read: Lionel Messi, Argentina Football Team to Visit Kerala for International Match in 2025
