Adani bribery case | Allegations made by US prosecutors are baseless, denied: Adani Group

The Adani Group on Thursday (Nov 21) reacted to the indictment of chairperson Gautam Adani in New York overhis role in an alleged multibillion-dollar bribery and fraud scheme.

In a statement, the Adani Group said that the allegations made by the United States (US) Department of Justice and Exchange Commission against the Directors of Adani Green were "baseless and denied."

'The charges in indictment are allegations'

The Adani Group said that as stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought..."

Adani Group Spokesperson says, "The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, "the charges in the indictment are… pic.twitter.com/rSuxuHTFUo — ANI (@ANI) November 21, 2024

"The Adani Group has always upheld and is steadfastly committedto maintaining the highest standards of governance," the statement added.

In an earlier statement, Adani Group said that its subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings.

The charges against Gautam Adani

American authorities said that Gautam Adani, and seven other defendants, including his nephew Sagar,agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project.

Also watch | World DNA:Gautam Adani charged in bribery scheme

Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors.

'Numero uno' and 'the big man'

As per the indictment,some conspirators referred privately to Gautam Adani with the code names "Numero uno" and "the big man," while Sagar Adani allegedly used his cellphone to track specifics about the bribes.

A report by the news agency Reuters said that Gautam, Sagar, and Jaainwere charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a USSecurities and Exchange Commission (SEC) civil case.

The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four were charged with conspiring to obstruct justice.

(With inputs from agencies)