Adani Group contests US DoJ pleas, and Gautam Adani faces no bribery allegations

Adani Green Energy Ltd. (AGEL) provided clarification on November 27th amid controversy surrounding the corruption allegations against the Adani Group. The US Department of Justice’s claim that Gautam Adani, Sagar Adani, and senior officer Vneet Jaain violated the US Foreign Corrupt Practice Act (FCPA) is “incorrect.”  The business recognized that in addition to the indictment, the executive was also charged with securities and wire fraud.

AGEL strengthened the withdrawn claims of securities and wire fraud by filling out forms on a regular basis. Bribery and foreign corruption charges are not pending.

AGEL states

“Media articles stating that our directors Gautam Adani, Sagar Adani, and Vneet Jaain have been charged with violations of the US Foreign Corrupt Practices Act (FCPA) are incorrect,” 

The Charges Against Adani Executive 

• alleged conspiracy to commit securities fraud
• alleged scheme involving wire fraud
• alleged fraud in securities

The company further explained that neither Count One of the DoJ’s five-count indictment, which deals with “conspiracy to violate the FCPA,” nor Count Five, which deals with “conspiracy to obstruct justice,” contain Gautam Adani, Sagar Adani, and Vneet Jaain.

Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal are among the people connected to Azure Power and CDPQ, a Canadian institutional investor, who are charged with bribery in Count One. AGEL reaffirmed that this count does not include any names of Adani executives.

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News Source: https://shorturl.at/2tMSD