North News
Chandigarh, November 21
The Adani Group has denied allegations levelled by US authorities accusing the company of bribing Indian officials and defrauding investors. In a statement released on Thursday, the conglomerate dismissed claims made by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) regarding over $250 million in bribes paid by executives of Adani Green to secure solar energy contracts.
The company’s spokesperson stressed that these allegations were baseless, citing the DOJ’s statement that the defendants are presumed innocent unless proven guilty. “We are committed to the highest standards of governance, transparency, and regulatory compliance,” the spokesperson said, reaffirming the group’s law-abiding nature.
US prosecutors unsealed an indictment, charging Adani Group executives, including Sagar Adani and Vneet Jaain, with securities fraud, wire fraud, and violations of the Foreign Corrupt Practices Act (FCPA). The charges allege that the group paid bribes between 2020 and 2024 to obtain solar energy contracts worth over $2 billion in profits. Prosecutors also claim that Adani personally facilitated the bribery scheme and that senior executives tracked payments via electronic messages.
Further allegations suggest that the Adani Group misled US investors by raising $3 billion through false statements, financing solar projects with funds linked to the bribery. The indictment also includes charges of obstruction, with some defendants accused of deleting evidence to conceal the scheme.
The investigation was led by the FBI, DOJ, and SEC.
