No Bribery Charges Against Gautam Adani, Nephew: Adani Group Counters US Allegations

The Adani Group has denied allegations implicating its chairman Gautam Adani, nephew Sagar Adani, and senior executive Vneet Jain in any bribery or corruption charges in the United States. The company clarified that the individuals have not been named in the indictment filed by the U.S. Department of Justice (DoJ) or the civil complaint from the Securities and Exchange Commission (SEC).

In a statement, Adani Green Energy Ltd. called media reports on the matter "incorrect." The company emphasized that its directors are not involved in violations of the U.S. Foreign Corrupt Practices Act (FCPA), saying, "Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or the civil complaint of the US SEC."

The DoJ's indictment focuses on corruption and bribery charges under Count One and conspiracy to obstruct justice under Count Five. Adani officials are excluded from both charges, which instead involve executives from Azure Power Global and CDPQ (Caisse de dépôt et placement du Québec), a Canadian institutional investor. The individuals named in the corruption-related charges include Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal.

The DoJ alleges that the bribery scheme was aimed at concealing critical information from U.S. investors and financial institutions. During the period under investigation, Adani Group reportedly raised substantial funds for renewable energy projects. However, the group emphasized that its leadership is not implicated in any fraudulent activity mentioned in the counts.

Senior Counsel and former Attorney General Mukul Rohatgi commented on the case, stating, "There is an indictment, and the Adanis will have to respond to it. However, in both Count One and Count Five, no Adani names appear." He noted that the charges focus primarily on other individuals and organizations.

The broader case involves allegations of securities fraud, wire fraud conspiracy, and violations of the FCPA. Key accused parties include executives from Azure Power Global and former employees of CDPQ, who are accused of fraudulent practices to deceive investors.