No Bribery Charges Against Gautam Adani in US Department of Justice Indictment: Adani Group

Adani Group said on Wednesday (Nov. 27) that its chairman Gautam Adani, his nephew Sagar Adani and senior executive Vneet Jaain are clear of any bribery charges, according to the US Department of Justice.

Adani Green, one of the subsidiaries of the group, described the media reports on the issue as “incorrect” in its application to the stock exchange.

“Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain have not been charged with violating the FCPA in the charges set forth in the U.S. Department of Justice indictment or the U.S. SEC (EXPAND) civil complaint,” Adani Group said. in a statement.

FCPA stands for the US Foreign Corrupt Practices Act.

The US Department of Justice indictment includes five charges, but the first and fifth charges (conspiracy to violate the FCPA and conspiracy to obstruct justice) do not refer to Gautam Adani, Sagar Adani or Vneet Jaain, the statement said.

“These directors were charged in the criminal indictment with three counts: (i) conspiracy to commit securities fraud, (ii) alleged conspiracy to commit wire fraud, and (iii) alleged securities fraud,” the statement said. The statement was included.

Adani Group criticized foreign and domestic media, stating that the “imperfect understanding” of the US indictment resulted in “inaccurate and reckless reporting” that three Adani Group executives were facing corruption and bribery charges.

The group emphasized that the US indictment was based solely on allegations of bribery discussed or promised, with no evidence presented that Indian government officials received any bribes from Adani executives.

Senior lawyer Mukul Rohatgi, at the press conference, stated that there are no details in the indictment regarding the persons who were allegedly bribed.

“The US’s baseless action and reckless misreporting led to significant repercussions for the Indian conglomerate, including international project cancellations, financial market impact and sudden scrutiny from strategic partners, investors and the public.” in question Adani’s statement.

The group reported a significant financial impact, revealing that market value at 11 publicly traded firms has fallen by approximately $55 billion since the US Department of Justice indictment was announced.

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