No Bribery Charges Against Gautam Adani, Says US DoJ Indictment
The flawed interpretation of the indictment and reckless reporting by both Indian and international media have had significant consequences for the Adani Group
New Delhi: In a significant development, Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have been cleared of any bribery charges by the US Department of Justice (DoJ), according to a recent filing by Adani Green Energy Ltd.
(AGEL). The filing, shared with stock exchanges, firmly denies allegations of bribery under the US Foreign Corrupt Practices Act (FCPA) and calls media reports on the matter “incorrect and misleading.”
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AGEL Denounces False Media Claims
Adani Green Energy Ltd. highlighted that media articles alleging bribery and corruption charges against Gautam Adani, Sagar Adani, and Vneet Jaain were based on an incorrect interpretation of the US DoJ indictment.
The AGEL statement clarified:
“Media articles which state that certain of our directors, namely Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain, have been charged with violations of the US FCPA are incorrect. These individuals have not been named in any counts of the indictment or civil complaints filed by the US SEC or DoJ.”
Understanding the US DoJ Indictment
The US DoJ indictment contains five counts, none of which implicates Gautam Adani, Sagar Adani, or Vneet Jaain in the primary charges of corruption or bribery. The relevant details are:
- Count One: Conspiracy to Violate the FCPA
This charge specifically involves individuals from Azure Power and CDPQ (Caisse de dépôt et placement du Québec), including Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal. No Adani Group officials are mentioned here. - Count Five: Conspiracy to Obstruct Justice
Similarly, this count excludes any mention of Adani executives.
Instead, Adani officials are named under the following counts:
- Count Two: Alleged securities fraud conspiracy.
- Count Three: Alleged wire fraud conspiracy.
- Count Four: Alleged securities fraud.
These allegations pertain to securities and wire fraud claims, which, according to AGEL, are based on hearsay and lack substantive evidence.
Allegations Rest on Hearsay, Not Evidence
The AGEL filing underscores that the indictment and civil complaint do not provide any concrete evidence to suggest bribes were paid by Adani executives to Indian government officials. Instead, the claims rely on statements from former Azure Power and CDPQ employees, raising concerns about the credibility of these allegations.
Also Read | US May Drop Fraud Charges Against Gautam Adani After Trump Takes Office, Legal Expert Suggests
“The DoJ’s and SEC’s actions rest on weak foundations, both morally and legally, as they rely on the likelihood of bribes being promised or discussed, rather than any confirmed payments,” the statement noted.
Repercussions of False Reporting
The flawed interpretation of the indictment and reckless reporting by both Indian and international media have had significant consequences for the Adani Group:
- A nearly $55 billion loss in market capitalization across its 11 listed companies.
- International project cancellations.
- Increased scrutiny from investors, strategic partners, and the public.
Such outcomes have severely impacted the reputation and operations of India’s largest infrastructure conglomerate, which has a substantial global presence in energy and logistics.
Adani Group’s Global Expansion and Strategic Importance
Over the years, the Adani Group has emerged as a leading player in infrastructure, energy, and logistics, competing with global giants from the US and China. The company has established a significant footprint in international markets, including Africa, Bangladesh, Sri Lanka, Israel, and Australia.
The allegations and subsequent market turmoil come at a time when Adani’s global projects are strategically important for energy transition and infrastructure development.
AGEL’s Call for Accountability in Reporting
In its filing, AGEL urged the media to exercise greater caution in interpreting legal documents, particularly those with significant financial and reputational implications. The company reiterated that the Adani Group and its executives remain committed to compliance and transparency.
Conclusion
The US Department of Justice’s clarification on bribery charges against Gautam Adani, Sagar Adani, and Vneet Jaain offers a much-needed reprieve for the Adani Group amidst turbulent times. While the allegations have caused short-term setbacks, the company remains focused on its long-term goals of global expansion and sustainable development.
For accurate updates on the Adani Group and the latest developments in global infrastructure and energy, stay tuned.
