Adani Group rejects US bribery charge as baseless, assures stakeholders
Adani Group rejects US bribery charge as baseless, assures stakeholders
M.U.H
21/11/202420
The Adani Group has strongly denied allegations of bribery and securities fraud levelled by US prosecutors against its chairman, Gautam Adani, and other key executives.
The group dismissed the charges as "baseless" and maintained that it operates with the highest standards of integrity and compliance. It further stated its intent to explore all possible legal remedies to address the accusations.
"As stated 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 possible legal recourse will be sought," the Adani Group spokesperson said.
"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," the statement added.
The group’s denial comes amid heightened volatility in its stock prices, with Adani Enterprises witnessing a steep plunge of 23% in Thursday’s trading session. It may be noted that the market capitalisation of the Adani Group fell over Rs 2 lakh crore, making it the worst trading day for the conglomerate since the Hindenburg crisis on January 25, 2025.
WHAT IS THE BRIBERY CASE?
US prosecutors have accused Gautam Adani, his nephew Sagar Adani, and six others of paying Rs 2,029 crore ($265 million) in bribes between 2020 and 2024 to Indian government officials to secure solar power contracts with state electricity distribution companies.
Arrest warrants have been issued in the US for Adani and his nephew Sagar and prosecutors plan to hand those warrants to foreign law enforcement, court records show.
The alleged bribes were part of a plan to ensure profits worth $2 billion from the energy projects, which involved both Adani Group and US-based Azure Power.
The allegations also highlight that encrypted communications, code names like “Numero Uno” for Gautam Adani, and concealed agreements were used to implement the bribery scheme.
This period aligns with the January 2023 Hindenburg Research report, which accused the group of stock manipulation and fraud, triggering a $150 billion loss in market value.
