Category Archives: Business

Adani Group Rejects Bribery Claims by US Prosecutors, Vows Legal Response

The Adani Group has denied the accusations made by US prosecutors, asserting that it adheres to the highest standards of integrity and regulatory compliance.
  • Adani Group Rejects Allegations: The Adani Group has denied bribery accusations made by US prosecutors, calling them baseless and indicating potential legal action.
  • Serious Charges: US prosecutors have accused Gautam Adani of involvement in bribery and securities fraud.
  • Market Impact: Adani Group stocks faced a significant downturn, with the market capitalization dropping by over ₹2 lakh crore.

 

The Adani Group has firmly rejected the bribery and securities fraud allegations brought forth by US prosecutors against its chairman, Gautam Adani, and other senior executives.

The group has called these charges “groundless” and reaffirmed its commitment to maintaining the highest standards of integrity and compliance. It also indicated its intention to pursue all available legal avenues to challenge the accusations.

A spokesperson for the Adani Group pointed out, “As per the US Department of Justice, these charges are merely allegations, and the defendants are presumed innocent until proven guilty. We will explore all legal options to address this matter.

The Adani Group reiterated its unwavering commitment to upholding the highest standards of governance, transparency, and regulatory compliance across all the regions it operates in. “We assure our stakeholders, partners, and employees that we are a law-abiding entity, fully adhering to all legal requirements,” the statement emphasized.

This denial from the group comes at a time of significant market turbulence, with Adani Enterprises experiencing a sharp 23% drop in its stock price during Thursday’s trading session. The group’s market capitalization saw a reduction of over Rs 2 lakh crore, marking the most challenging trading day for the conglomerate since the Hindenburg report on January 25, 2025.

WHAT IS BRIBERY CASE ?
 
US prosecutors have charged Gautam Adani, his nephew Sagar Adani, and six other individuals with allegedly bribing Indian government officials. The accusations claim that between 2020 and 2024, they paid a sum of Rs 2,029 crore ($265 million) to secure solar power contracts with state electricity distribution companies.
The alleged bribery scheme was reportedly designed to secure $2 billion in profits from energy projects involving both the Adani Group and US-based Azure Power. According to the charges, the scheme utilized encrypted communications, code names such as “Numero Uno” for Gautam Adani, and hidden agreements to facilitate the bribery.These events coincide with the January 2023 Hindenburg Research report, which accused the Adani Group of stock manipulation and fraud, resulting in a $150 billion drop in market value.