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The Adani Group has strongly refuted allegations of bribery and corruption involving its founder and Chairman Gautam Adani, his nephew Sagar Adani, and Adani Green Energy CEO Vneet Jaain, as reported by some media outlets.
In a statement filed with stock exchanges, Adani Green Energy Limited (AGEL) dismissed the claims as "incorrect" and clarified that no charges under the US Foreign Corrupt Practices Act (FCPA) have been brought against the named individuals.
"Media articles which state that certain of our directors—namely Gautam Adani, Sagar Adani, and Vneet Jaain—have been charged with violations of the FCPA in the indictment are incorrect," the company said.
"They have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or the civil complaint of the US SEC,” it added.
The Adani Group clarified that the indictment, which includes five counts, does not mention the three officials in the most critical charges. Specifically, Count One, concerning "Conspiracy to Violate the FCPA," and Count Five, related to "Conspiracy to Obstruct Justice," exclude Gautam Adani, Sagar Adani, and Vneet Jaain.
The charges of corruption and bribery in Count One only implicate individuals linked to Azure Power and CDPQ (Caisse de dépôt et placement du Québec), Azure’s largest shareholder. These individuals include Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal.
The Adani executives are mentioned in other counts, including Count Two for "Alleged Securities Fraud Conspiracy," Count Three for "Alleged Wire Fraud Conspiracy," and Count Four for "Alleged Securities Fraud." The Adani Group said that the indictment and the SEC complaint provide no evidence of bribes being paid by its executives to Indian government officials, stating that the allegations rest solely on claims of bribes being "promised or discussed."
The allegations come as a significant blow to the Adani Group, one of India’s largest infrastructure companies with a growing global footprint in energy and logistics. Over the past few years, the conglomerate has expanded its presence internationally, competing with major US and Chinese players in markets like Africa, Bangladesh, Sri Lanka, Israel, and Australia.
Since the announcement of the US DOJ indictment, the Adani Group’s market capitalization across its 11 listed companies has plummeted by approximately $55 billion, raising questions about the broader impact of the controversy on the conglomerate's global ambitions. The group continues to deny any wrongdoing, maintaining that it will address the claims through appropriate legal channels.