Adani group rejects 'bribery charge' by US prosecutors

The Adani Group has firmly denied allegations of bribery and securities fraud made by US prosecutors against its chairman Gautam Adani, his nephew Sagar Adani, and other executives. The group termed the accusations “baseless” and reiterated its commitment to the highest standards of integrity and compliance.

In a statement issued on Thursday, the Adani Group said, "The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. We will pursue all possible legal remedies to address these baseless accusations."

The conglomerate assured its stakeholders, employees, and partners of its adherence to governance and transparency. “We are a law-abiding organisation, steadfast in maintaining compliance across all jurisdictions of our operations,” added the spokesperson.

The denial comes during a volatile period for the group’s stock market performance. Adani Enterprises suffered a massive 23% drop in its share value, leading to a loss of over Rs 2 lakh crore in market capitalisation. Thursday marked the worst trading day for the group since the Hindenburg crisis in January 2023, which had similarly triggered a $150 billion loss in market value.

The bribery case alleges that between 2020 and 2024, the Adani Group paid Rs 2,029 crore ($265 million) in bribes to Indian government officials to secure lucrative solar power contracts. According to US prosecutors, these bribes were part of a larger scheme aimed at guaranteeing profits of $2 billion from energy projects involving both Adani Group and US-based Azure Power.

The allegations further claim that the scheme used encrypted communications, code names like "Numero Uno" for Gautam Adani, and concealed agreements to execute the bribery operation. This case adds to the scrutiny on Adani following the 2023 Hindenburg report, which accused the group of stock manipulation and corporate fraud.

Despite these setbacks, the Adani Group has reiterated its innocence, promising to fight the allegations while working to reassure stakeholders about its operational integrity.