Adani Group Denies Bribery Accusations, Says ‘Unfounded’

Adani Group has denied allegations against it by the US Department of Justice and the US Securities and Exchange Commission against Adani Green executives. The group also described the allegations as ‘baseless’.

“The allegations by the US Department of Justice and the US Securities and Exchange Commission against Adani Green executives are baseless and rejected,” Adani Group spokesperson said in an official statement on Thursday. As the U.S. Department of Justice states, “The charges contained in the indictment are allegations and the defendants are presumed innocent until proven guilty.” All legal remedies will be taken…”

Adani Group Spokesperson: “The allegations of the US Department of Justice and the US Securities and Exchange Commission against Adani Green executives are baseless and rejected. As the US Department of Justice itself stated, “the accusations in the indictment… pic.twitter.com/rSuxuHTFUo

— ANI (@ANI) November 21, 2024

“Adani Group has always upheld and is 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 organization that is fully compliant with all laws,” he added.

The charges filed in a Brooklyn court allege that Gautam Adani and other executives, including Sagar R. Adani and Vneet S. Jaain, orchestrated a $250 million (Rs 2,100 crore) bribery scheme to secure solar energy contracts in India. The indictment accuses the defendants of making false statements to US investors and violating federal laws.

US prosecutors alleged that Adani Group concealed critical information from US banks and investors that provided billions of dollars in financing for the solar energy project. The group sought to make $2 billion in profits by securing these contracts.

Also Read: Adani Group Shares Crash 20 Percent Amid US SEC Bribery and Fraud Allegations