'Baseless': Adani Group denies US SEC $265 million bribery allegations

The Adani Group has stated that it will seek all possible legal recourse to fight the bribery allegations against Adani Green Energy's top management

The Adani Group has strongly rejected recent allegations made by the United States Securities and Exchange Commission (SEC) and the US Department of Justice, following charges of fraud and bribery involving several key figures from the conglomerate. In a statement, the group described the allegations as “baseless and denied.”

 

A spokesperson for the group emphasised that the charges were merely allegations, stating that the US Department of Justice has acknowledged that “the defendants are presumed innocent unless and until proven guilty.”

 

The group further added, “All possible legal recourse will be sought.”

 

“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” the spokesperson said. “We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”

 

 

US SEC charges Adani in $265 million bribery case

The SEC indictment accuses Gautam Adani and six other defendants of conspiring to pay approximately $265 million in bribes to Indian government officials in exchange for securing contracts for Adani Green Energy, the group’s renewable energy division.

 

The bribes were allegedly part of a scheme to influence a September 2021 bond offering by Adani Green Energy, which raised $750 million, including $175 million from US investors.

 

The SEC’s complaint also alleges that materials presented to US investors during this offering falsely represented Adani Green Energy’s anti-corruption measures, misleading investors and misrepresenting the nature of the offering. 

 

Who else has been accused by the SEC?

Alongside the Adanis, the other individuals named in the SEC’s charges include:

• Ranjit Gupta – Former CEO of Azure Power Global
• Rupesh Agarwal – Former chief strategy and commercial officer at Azure Power Global
• Cyril Cabanes – Former board member of Azure Power Global
• Vneet Jaain – Executive at Adani Green Energy
• Saurabh Agarwal
• Deepak Malhotra

 

The case has drawn significant global attention and caused shares of Adani Group companies to plunge by up to 20 per cent when markets opened on Thursday.