Adani Group Faces Widened US Probe Amid Bribery Allegations

19 Mar 2024 , 11:55 AM

US prosecutors have expanded their investigation of the Adani Group, focusing on potential bribery allegations involving an Adani entity.

Adani Group stated that it has not received any notice from the US Department of Justice regarding the reported bribery probe, as per exchange filings.

Last week, Bloomberg reported on the widened probe, suggesting a focus on potential bribery by an Adani entity and the conduct of Adani Group founder Gautam Adani.

The investigation reportedly extends to Indian renewable energy company Azure Power Global Ltd., overseen by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington.

Adani companies, including Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd., denied receiving any notice from the US DOJ and labeled the report as false in separate filings.

Adani Group reiterated its commitment to high governance standards and compliance with anti-corruption and anti-bribery laws in India and other countries.

Previously, Hindenburg published a report alleging fraudulent transactions, accounting fraud, and stock market manipulation by Adani group companies, resulting in a significant stock market decline and loss of investor wealth.

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