Adani Group denies bribery allegations against Gautam Adani and nephew

The Adani Group has clarified that its chairman, Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain face no bribery charges, according to the US Department of Justice (DOJ). In a recent statement, the group rejected media reports claiming the executives were involved in bribery or violations of the US Foreign Corrupt Practices Act (FCPA).

The DOJ’s indictment contains five counts, but the Adani directors are not mentioned in the key charges, including conspiracy to violate the FCPA or obstruct justice.

The group highlighted that the allegations stem from a misinterpretation of the US indictment, which mentions potential bribery discussions but provides no evidence of actual bribery involving Indian government officials. As a result, the Adani Group criticized the “incorrect and reckless reporting” by media outlets, both domestic and international.

Furthermore, the Adani Group detailed the financial impact of the allegations, reporting a $55 billion loss in market capitalization across its 11 listed companies since the DOJ’s indictment. Senior lawyer Mukul Rohatgi also dismissed the charges, emphasizing that the indictment lacked specifics on who was bribed.

The group has been negatively affected by the widespread media coverage and the false narrative surrounding the case, which has led to canceled projects, market instability, and scrutiny from investors and partners.

The group reiterated that the three executives had not violated any laws and called for more accurate reporting to avoid further harm to the company.