The Adani Group has strongly denied allegations of bribery and violations of the US Foreign Corrupt Practices Act (FCPA) following a case filed by the US Department of Justice (DOJ) against its chairman Gautam Adani, his nephew Sagar Adani, and key executive Vneet Jaain. In a stock exchange filing, Adani Green Energy Ltd clarified that the individuals have not been charged with any violation of the FCPA, contrary to claims made in some reports. The charges they face involve alleged securities fraud conspiracy, wire fraud conspiracy, and securities fraud, which could result in monetary penalties.
The allegations center around accusations that the Adani executives participated in a scheme to pay $265 million in bribes to Indian officials to secure solar energy contracts, potentially generating $2 billion in profit over 20 years. The company categorically denied these claims, stating that the charges lack credible evidence and specifics. The filing also clarified that while the complaint seeks civil monetary penalties, it does not specify any amount.
Legal experts representing the Adani Group, including former attorney general Mukul Rohatgi and senior advocate Mahesh Jethmalani, questioned the validity of the charges. Rohatgi pointed out that the indictment does not name Gautam Adani or his nephew in the most serious charges related to the FCPA, and the details in the charge sheet regarding bribery are vague and lack concrete evidence.
Jethmalani also criticized opposition parties for politicizing the issue, claiming that the charges are being used to divert attention from domestic political issues. He raised concerns about the timing of the DOJ’s actions, suggesting it could be politically motivated, especially in light of Gautam Adani’s public support for former US President Donald Trump.
The Adani Group reiterated its commitment to defending itself through legal channels and emphasized that it would pursue all available legal recourse to challenge the allegations.
