Adani Group Refutes US Allegations of Bribery Involving Gautam Adani and Nephew {update}

Date:

Share post:

Adani Group Refutes US Allegations of Bribery Involving Gautam Adani and Nephew
Adani Group Refutes US Allegations of Bribery Involving Gautam Adani and Nephew

Adani Green Energy Ltd (AGEL) has addressed recent media reports linking its executives to allegations of bribery, asserting that neither Gautam Adani, Sagar Adani, nor senior executive Vneet Jaain face charges under the US Foreign Corrupt Practices Act (FCPA). The company issued a detailed statement clarifying the nature of the accusations and dismissing claims of FCPA violations as inaccurate.

Key Points from Adani Green’s Statement

  • No Bribery Allegations: AGEL emphasized that the charges in the US Department of Justice (DOJ) indictment and the US Securities and Exchange Commission (SEC) civil complaint do not include bribery or corruption allegations.
  • Clarified Charges: The indictment outlines three charges against Gautam Adani, Sagar Adani, and Vneet Jaain:
    1. Alleged securities fraud conspiracy.
    2. Alleged wire fraud conspiracy.
    3. Alleged securities fraud.
  • Media Reports Termed Misleading: AGEL highlighted inaccuracies in media articles, urging readers not to be misled by speculative information.

Andhra Pradesh Power Deal Under Scrutiny

Separately, the Andhra Pradesh government has announced a review of its contract with the Solar Energy Corporation of India (SECI). This follows allegations by prosecutors in New York that the Adani Group paid approximately $265 million in bribes to officials across Indian states to secure renewable energy contracts. While the allegations are yet to be proven, the state is evaluating its legal options, including the potential cancellation of the contract.

AGEL’s Response to Media Reports

Adani Green’s statement addressed the spreading misinformation, stating:

“Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain 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. These directors have been named in connection with alleged securities and wire fraud conspiracies.”

The company reiterated that the charges solely pertain to these allegations and not to any bribery-related misconduct.

See also  ICICI Securities Backs Tata Motors, Sets Target Price at Rs 831

Market Impact and Future Developments

The controversy has stirred discussions among market stakeholders and investors. While AGEL’s clarification aims to mitigate concerns, the ongoing legal proceedings in the US are being closely monitored. Further updates on this case are expected to shape perceptions around the Adani Group and its global standing.

Adani Green’s prompt clarification underscores its commitment to addressing misinformation and maintaining transparency amid heightened scrutiny.

Stay updated on News and market insights at moneyphobia.in.

Nikhil Kumar Jha
Nikhil Kumar Jhahttp://moneyphobia.in
I a finance writer with 2+Year of Exp in financial topics. With BBA in Finance degree, content writer, SEBI-certified investor, and stock market enthusiast.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

ULLU Launches UlluCoin, Enters Web3 with Big Plans

The streaming app ULLU is taking a bold step. It's launching its own digital token—UlluCoin. Backed by Cypher...

Rakesh Jhunjhunwala: Net Worth, Portfolio, Life Story, and His Everlasting Legacy

Rakesh Jhunjhunwala: Net Worth, Portfolio, Life Story, and His Everlasting Legacy Rakesh Jhunjhunwala was one of India’s most legendary...

Cabinet Clears PM Dhan-Dhaanya Krishi Yojana with Rs 24,000 Crore Budget Per Year

The government has greenlit a major farming scheme called the PM Dhan-Dhaanya Krishi Yojana. It’s a six-year plan...

Just Dial Q1 Profit Jumps 13% to ₹159.6 Cr, Revenue Grows 6% — Strong Push from AI and Sales Shift

Just Dial had a solid start to FY26. The company reported a 13% jump in net profit, hitting...