Adani Green Energy Ltd. (AGEL) has clarified that its chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have not been charged with bribery or corruption in the U.S. Department of Justice (DoJ) indictment. The group filed an official statement with stock exchanges dismissing media reports claiming the involvement of Adani officials in alleged violations of the U.S. Foreign Corrupt Practices Act (FCPA).
In its filing, AGEL emphasized that the DoJ indictment, which outlines five counts, does not implicate any Adani officials in Count One: “Conspiracy to Violate the FCPA” or Count Five: “Conspiracy to Obstruct Justice.” These charges focus on bribery and corruption allegations involving officials from Azure Power and CDPQ (Caisse de dépôt et placement du Québec), Azure’s largest shareholder. The statement identified Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal as the individuals named in connection with bribery charges.
AGEL further stated, “Media articles suggesting that Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain have been charged with FCPA violations are incorrect. They have not been charged in any count related to corruption or bribery in the DoJ indictment or SEC complaint.”
While Adani officials face charges related to alleged securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the indictment does not provide evidence linking them to bribery. Instead, claims of promised or discussed bribes rest on hearsay and statements from former employees of Azure Power and CDPQ.
‘Reckless’ Reporting And Global Repercussions
AGEL criticized media misinterpretation of the DoJ indictment, calling it “reckless and flawed.” The group highlighted the severe consequences of such misinformation, including canceled international projects, financial market disruptions, and heightened scrutiny from strategic partners and investors.
Since the indictment, the Adani Group has experienced a significant loss of approximately $55 billion in market capitalization across its 11 listed companies.
Adani’s Global Presence And Competition
The Adani Group, one of India’s largest infrastructure conglomerates, has a substantial presence in global energy and logistics markets. Competing with U.S. and Chinese companies in regions like Africa, Bangladesh, Sri Lanka, Israel, and Australia, the group’s international operations have drawn attention amid its ongoing legal challenges.
The group’s statement underlines its position against the DoJ charges, asserting that the case against its officials rests on weak foundations and speculative claims.
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