Amid uproar over corruption charges against the Adani Group, Adani Green Energy Ltd (AGEL) clarified on November 27 that allegations against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain by the US Department of Justice (DoJ) are “incorrect.”
In a regulatory filing, AGEL dismissed media reports suggesting these executives were implicated in bribery and corruption under the US Foreign Corrupt Practices Act (FCPA). However, the company acknowledged that the executives face three other charges in the indictment.
The company emphasised that while allegations of securities and wire fraud have been levelled, there are no charges concerning bribery or foreign corruption.
“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,” AGEL said.
What are the charges against Adani executives?
AGEL clarified that the charges against its executives pertain to the following:
• Count Two: Alleged securities fraud conspiracy
• Count Three: Alleged wire fraud conspiracy
• Count Four: Alleged securities fraud
The company further explained that the DoJ’s indictment, comprising five counts, excludes Gautam Adani, Sagar Adani, and Vneet Jaain from Count One, which addresses “conspiracy to violate the FCPA,” and Count Five, related to “conspiracy to obstruct justice.”The bribery charges in Count One implicate individuals associated with Azure Power and CDPQ, a Canadian institutional investor, including Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal. AGEL reiterated that no Adani executives are named in this count.
Former Attorney General Mukul Rohatgi is expected to address the media on the allegations faced by the Adani Group in the US court case.
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