The Adani Group on Wednesday strongly denied allegations of bribery and violations of the US Foreign Corrupt Practices Act (FCPA) against its chairman Gautam Adani, his nephew Sagar Adani, and key executive Vneet Jaain in a case filed by the US Department of Justice (DOJ). The company clarified that its chairman Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged under the FCPA, dismissing recent claims as “incorrect.”
In a stock exchange filing, Adani Green Energy Ltd, the entity at the centre of the allegations, stated, “Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or the civil complaint of the US SEC.”
The company added that the three individuals face charges related to alleged securities fraud conspiracy, wire fraud conspiracy, and securities fraud — all of which carry potential monetary penalties.
Bribery allegations unfounded
The indictment accuses the executives of participating in a scheme to pay USD 265 million in bribes to Indian officials to secure solar electricity contracts projected to generate USD 2 billion in profit over 20 years. However, the Adani Group has categorically denied these allegations, stating it will take all necessary legal measures to defend itself.
The filing clarified that the indictment does not specify any quantum of fines or penalties. “Although the complaint prays for an order directing the defendants to pay civil monetary penalties, it does not quantify the amount,” the company said.
Mukul Rohatgi, Mahesh Jethmalani’s joint presser
Former attorney general of India Mukul Rohatgi along with Rajya Sabha MP and senior advocate Mahesh Jethmalani addressed the media and said the allegations lack credible evidence and specifics. “I have gone through the 54-page indictment. Neither Gautam Adani nor Sagar Adani is named in the two most critical counts — count one and count five. There are no specifics on who was allegedly bribed or how,” Mukul Rohatgi said.
Mukul Rohatgi pointed out that the charges are primarily against certain other individuals, not the Adani executives. “Such vague allegations make it impossible to respond meaningfully,” he added.
The senior counsel clarified that these were his personal legal views. “I am not a spokesman for the Adani Group. I am a lawyer and have been appearing for the Adani Group in several cases,” he said.
Mahesh Jethmalani criticised opposition parties for politicising the issue. “This is clearly a political tool. Having suffered a setback in the Maharashtra elections, the Congress and the INDI Alliance are using this to divert attention. They constantly focus on foreign-linked issues like Adani and Manipur, which is against the country’s interest,” he said.
Questions over DOJ’s motives
Mahesh Jethmalani also questioned the timing and intent of the DOJ’s actions, citing former US President Donald Trump’s criticism of the agency. “The DOJ is acting with unseemly haste. The indictment appears rushed and lacks substance. This has the markings of a political hatchet job,” he remarked.
He speculated that Gautam Adani’s public congratulations to Donald Trump on his electoral success might have drawn unwarranted scrutiny.
Adani Group’s stance
The Adani Group reiterated its commitment to addressing the allegations through legal channels. “We categorically deny the allegations and will pursue all possible legal recourse to defend ourselves,” the company said.