Adani Group has issued a statement after their Chief Executive Officer and Indian billionaire, Gautam Adani was indicted by a federal grand jury in the United States over fraud.
In a statement issued on Thursday, November 21, Adani’s Spokesperson stated that the “allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
“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,” read the statement in part.
“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. We assure our stakeholders, partners, and employees that we are a law-abiding organisation that is fully compliant with all laws.”
Allegations Against Adani CEO
Indian billionaire Gautam Adani has been accused of orchestrating a $250m (approximately Ksh32.4 billion) bribery scheme and concealing it to raise money in the US.
“As alleged in the indictment, between approximately 2020 and 2024, the defendants agreed to pay more than $250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts with the Indian government, which were projected to generate more than $2 billion in profits after tax over an approximately 20-year period (the Bribery Scheme),” read part of the charge.
Also Read: JKIA-Linked Billionaire Adani Charged Over Bribery
In the indictment, prosecutors alleged the tycoon, and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.
The criminal charges also alleged that executives raised $3 billion in loans and bonds, including from U.S. firms, based on false and misleading statements related to the firm’s anti-bribery practices and policies, as well as reports of the bribery probe.
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” Breon Peace, US Attorney for the Eastern District of New York, said in a statement.
Also Read: Kenya Gives Way Forward on Deal with Adani After US Charges
Other Charges
Deputy Assistant Attorney General Miller stated that the offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of U.S. investors.
He emphasized that the Criminal Division would continue to aggressively prosecute corrupt, deceptive, and obstructive conduct that violates U.S. law, no matter where in the world it occurs.”
“Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses. Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation,” stated FBI Assistant Director in Charge Dennehy.
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