News Brief
US Investigating Adani Group And Its Founder For Potential Bribery: Report
Gautam Adani
In a recent development, US prosecutors have extended their investigation into India’s Adani Group, focusing on potential bribery and the conduct of the company’s founder, according to media reports.
The investigation is reportedly examining whether Adani entities or individuals associated with the company, including billionaire founder Gautam Adani, may have paid officials in India for favourable treatment on an energy project.
This probe, which also involves Indian renewable energy firm Azure Power Global Ltd., is being led by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington.
However, the Adani Group denied any knowledge of an investigation against its chairman and emphasized its adherence to anti-corruption laws.
“We are not aware of any investigation against our chairman,” Adani Group said in an emailed statement.
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The probe comes after claims from short-seller Hindenburg Research last year, alleging stock manipulation and accounting fraud by the conglomerate.
The Justice Department’s scrutiny, which also involves the Securities and Exchange Commission, follows the Hindenburg report.
The investigation is reportedly in an advanced stage, with the DOJ having the option to proceed without notifying the parties involved.
It's important to note that Adani Group and Azure are competitors in India's green-energy sector and have won contracts for projects under the same state-run solar programme.
While Adani’s stocks initially dropped after the Hindenburg report, they have rebounded significantly.
Meanwhile, Gautam Adani has vehemently contested allegations against him, describing them as false narratives.
Despite the ongoing US probe, the Adani Group has continued to engage in significant international projects, including a major infrastructure investment in Sri Lanka with US backing.
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