Adani Green Denies Charges Against Gautam Adani
and Nephew Sagar Under US Corruption Laws

Los Angeles/Nov 26, 2024
NRIpress.club/Ramesh/A.Gary Singh

Indian billionaire Gautam Adani and his nephew Sagar Adani have not been charged under the US Foreign Corrupt Practices Act (FCPA), according to a statement by the Adani Group on November 27. This clarification follows allegations of bribery and fraud leveled against the Adani Group in an indictment filed by US authorities.

The charges accuse Gautam Adani, along with senior executives Sagar Adani and Vneet Jaain, of engaging in fraudulent activities to secure large-scale contracts in India between 2020 and 2024. These contracts allegedly generated profits of approximately USD 2 billion for the Adani Group over a 20-year period.

In a filing with the stock exchange, Adani Green Energy Ltd., the company central to the allegations, rejected claims of violations under the FCPA. The company emphasized that reports of charges under the Act are inaccurate.

The Adani executives have been charged with three counts in the indictment: securities fraud conspiracy, wire fraud conspiracy, and securities fraud. While these charges are serious, they do not involve violations under the FCPA.

The indictment, filed by the US Department of Justice (DOJ) in the Eastern District of New York, also does not specify the amount of any potential fine or penalty. Similarly, the civil complaint filed by the US Securities and Exchange Commission (SEC) alleges violations of US securities laws but does not quantify the monetary penalties sought.

The Adani Group has strongly denied all allegations and confirmed its intent to pursue all available legal remedies. The company maintains its executives' innocence and commitment to defending its reputation in court.

This development follows ongoing scrutiny of Adani’s business operations, with the group reiterating its stance that all activities have been conducted in compliance with applicable laws.

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