Adani Group Refutes US Bribery Allegations, Calls Media Reports “Incorrect”

The Adani Group has strongly denied allegations of bribery and corruption made by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) against its founder Gautam Adani, his nephew Sagar Adani, and Vneet Jaain, MD & CEO of Adani Green Energy Ltd (AGEL).

In a filing with stock exchanges, AGEL clarified that media reports on the matter are misleading. The company stated:

“Media articles which state that certain of our directors, namely Gautam Adani, Sagar Adani, and Vneet Jaain, have been charged with violations of the US Foreign Corrupt Practices Act (FCPA) are incorrect.”

Key Clarifications by Adani Green Energy Ltd

1. Exclusion from Key Charges:
   • The DOJ indictment includes five counts, but Gautam Adani, Sagar Adani, and Vneet Jaain are not named in Count One (“Conspiracy to Violate the FCPA”) or Count Five (“Conspiracy to Obstruct Justice”).
2. Allegations Against Other Individuals:
   • Count One, addressing bribery charges, mentions Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal, who are affiliated with Azure Power and CDPQ, Azure’s largest shareholder.
3. Specific Charges Against Adani Officials:
   • Adani executives are included in the following counts:
     • Count Two: Alleged securities fraud conspiracy.
     • Count Three: Alleged wire fraud conspiracy.
     • Count Four: Alleged securities fraud.
4. No Evidence of Bribes Paid:
   • The indictment and complaint reportedly rest on claims that bribes were “promised or discussed” rather than on evidence of payments by Adani executives to Indian government officials.

Impact on the Group

The allegations have triggered a significant impact on Adani Group’s market performance, resulting in an estimated $55 billion loss in market capitalization across its 11 listed entities.

Global and Competitive Context

The Adani Group, one of India’s largest infrastructure players, has a significant international footprint, competing with US and Chinese firms in regions such as Africa, Israel, Sri Lanka, and Australia.

The company has urged the public and media to rely on verified legal documents and refrain from spreading misinformation, emphasizing that the allegations do not pertain to bribery violations under the FCPA.