The Adani Group on Thursday rejected the allegations of bribery and securities fraud after its chairman Gautam Adani, his nephew Sagar Adani, and six others were indicted by US prosecutors in New York on Wednesday (November 20) in an alleged Rs 2,029 crore bribery case.
The spokesperson rejected the allegations, calling them baseless and denied. The statement further noted that the US Department of Justice and the US Securities and Exchange Commission's charges against the directors of Adani Green were unfounded.
“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 said in a statement.
Adani Group further emphasised that it has "always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance." “We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the statement read.
The group rejected the claims after increased market volatility, as Adani Enterprises experienced a significant drop of 23 per cent in its stock price during Thursday's trading session.
What Are The Charges Against Gautam Adani?
The indictment, which was filed in a Brooklyn federal court, claims that the defendants orchestrated an elaborate bribery scheme to obtain solar energy contracts in India. The charges also allege that they deceived international investors, raising more than USD 3 billion (approximately Rs 24,900 crores) through fraudulent practices, as reported by news agency Reuters.
According to the charges, Adani personally met with Indian officials on multiple occasions to facilitate the execution of the bribery scheme. His co-conspirators were also involved, coordinating the bribery efforts both in person and via an electronic messaging app, during their time in the United States.
The conspirators documented their actions, capturing detailed evidence of their efforts. This included using cell phones to track the locations and recipients of the bribes, as well as photographing documents that summarized the amounts being offered.
Adani, Sagar Adani, and Vneet Jaain are also accused of deceiving US investors and financial institutions to secure more than USD 3 billion in loans and bonds. They allegedly concealed a bribery scheme and made false claims about their anti-corruption practices in financial disclosures.