Adani Group Denies Bribery Allegations, Vows Legal Defense Against DOJ Case

The Adani Group has strongly refuted allegations of bribery and violations of the US Foreign Corrupt Practices Act (FCPA) involving its chairman Gautam Adani, his nephew Sagar Adani, and key executive Vneet Jaain. The accusations, presented in a case filed by the US Department of Justice (DOJ), were dismissed by the company as “incorrect,” with no charges being filed under the FCPA against the individuals named.

In a formal filing to the stock exchange, Adani Green Energy Ltd, the company at the heart of the allegations, clarified that Gautam Adani, Sagar Adani, and Vneet Jaain have not been implicated in any FCPA violations as outlined in the DOJ’s indictment or the Securities and Exchange Commission (SEC) civil complaint. The company further emphasized that the charges against these individuals pertain to alleged securities fraud conspiracy, wire fraud conspiracy, and securities fraud, each carrying the possibility of monetary penalties.

Regarding the bribery claims, Adani Group clarified that the indictment does not stipulate any specific fines or penalties. “While the complaint seeks civil monetary penalties, the exact amounts have not been specified,” the company stated.

Legal experts Mukul Rohatgi, former Attorney General of India, and Mahesh Jethmalani, Senior Advocate and Member of Parliament, addressed the media in response to the allegations. Both argued that the accusations were unsubstantiated and lacked detail. "I have reviewed the 54-page indictment. Neither Gautam Adani nor Sagar Adani are named in the two most significant counts—Count One and Count Five. Furthermore, there are no specifics regarding who was allegedly bribed or the manner in which the bribes were supposedly paid," stated Rohatgi. He further pointed out that the charges primarily concern other individuals, not the Adani executives, and criticized the vagueness of the allegations.

The DOJ’s indictment alleges that the executives were involved in a scheme to pay USD 265 million in bribes to Indian officials to secure solar electricity contracts, which were expected to generate USD 2 billion in profits over 20 years. The Adani Group has categorically denied these claims and vowed to take all necessary legal steps to protect its interests.

Mahesh Jethmalani also criticized the political context surrounding the allegations, suggesting that opposition parties, particularly the Congress and the INDI Alliance, were using the issue as a political tool following their electoral setback in Maharashtra. “This is a political maneuver. By focusing on foreign-linked issues like the Adani matter and Manipur, they are diverting attention from critical domestic concerns,” Jethmalani asserted.

Additionally, Jethmalani questioned the timing and motivations behind the DOJ’s actions, citing former US President Donald Trump’s criticism of the agency. He suggested that the indictment’s rushed nature and lack of substantial evidence pointed to a possible political agenda, speculating that Gautam Adani’s public congratulatory remarks to Trump might have attracted unwarranted scrutiny. 

In its official response, the Adani Group reiterated its commitment to addressing the allegations through legal avenues, asserting: “We categorically deny the allegations and will pursue all available legal recourse to defend our position.”