Adani Green Energy Refutes Bribery Charges Against Gautam Adani And Executives

“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

Gautam Adani

Source : Adani Group

In the latest response to the allegations against the Adani Group, Adani Green Energy Ltd (AGEL) issued a clarification on Wednesday, stating that there is no charges of bribery against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain by the US Department of Justice (DoJ). However, the company acknowledged that the executives are facing three other charges, including securities fraud and wire fraud, as outlined in the indictment.

In a regulatory filing, AGEL noted that while the allegations involve securities and wire fraud, there are no charges related to 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.

AGEL clarified that the charges against its executives are as follows: Count Two, which alleges a securities fraud conspiracy; Count Three, which alleges a wire fraud conspiracy; and Count Four, which alleges securities fraud. The company further explained that the Department of Justice’s indictment, which includes five counts, does not involve Gautam Adani, Sagar Adani, or Vneet Jaain in Count One, which addresses a "conspiracy to violate the FCPA," or in Count Five, related to "conspiracy to obstruct justice." 

The bribery charges in Count One involve 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 these charges.

Earlier, the Adani Group denied the charges in an official statement released on Thursday, following the emergence of the allegations. "The charges made by the US Department of Justice and the US Securities and Exchange Commission against the directors of Adani Green are baseless and have been categorically denied," the statement said.