Adani Group refutes allegations of fraud

Adani Group has strongly refuted the allegations made by the US Department of Justice and the US Securities and Exchange Commission against its chairman Gautam Adani, and other executives, in connection with a multibillion-dollar fraud scheme.

US authorities allege that Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about US$265m in bribes to Indian government officials to obtain contracts expected to yield US$2bn of profit over 20 years, and develop India's largest solar power plant project.

Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than US$3bn in loans and bonds by hiding their corruption from lenders and investors.

Gautam Adani, one of the wealthiest individuals and the chairman of the Indian conglomerate Adani Group, has been indicted in New York for his alleged involvement, US prosecutors announced.

A spokesman for Adani Group dismissed the allegations made by the US Department of Justice and Exchange Commission against directors of Adani Green Energy as "baseless and denied".

Adani Group emphasised that, 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." The group added that all possible legal recourse would 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. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the spokesman added.