Indian billionaire and Adani Group Chairman Gautam Adani has faced a significant setback from the United States. Known for his extensive business empire spanning ports, airports, home utilities, and the energy sector, the US Department of Justice and the US Securities and Exchange Commission accuse Adani of defrauding investors and paying thousands of crores in bribes to Indian officials to secure solar power contracts.
The Adani Group has since issued a statement dismissing these allegations and deeming them 'baseless'. "The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the group spokesperson said in a statement.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
Commenting on the development, the spokesperson pointed to US Department of Justice statement that said "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty."
"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the spokesperson added.
What Are the Allegations?
The court documents allege that Gautam Adani, Sagar Adani, and Vineet S. Jain raised bribe amounts by misleading American and foreign investors and banks. Between 2020 and 2024, they reportedly conspired to pay $250 million in bribes to Indian officials to secure government contracts for solar power projects. The indictment claims the project was estimated to generate over $2 billion in profits over 20 years.
Also Read | US prosecutors charge Gautam Adani and others in alleged Solar Energy contract bribery case.
Additionally, the indictment states that the accused obstructed a grand jury investigation, as well as probes by the FBI and the US Securities and Exchange Commission (SEC), into the bribery scheme. It also alleges that Sagar Adani used his phone to track bribe money and that the companies raised two syndicated loans amounting to approximately $200 million.
BJP, on US charges against Adani Group, said that it is for the company to give clarification and defend itself, said, "Law will take its own course." "It is Rahul Gandhi's usual tactic to attack India and structures that defend country, he similarly raked up Rafale issue," said BJP MP Sambit Patra during the media press conference.
"Rahul may try to tarnish PM Modi's image but his credibility so high that he just received highest civilian award in a foreign country," said Patra. "None of the four states mentioned in US charges against Adani Group had a BJP CM; Congress, it ally were in power in Chhattisgarh, Tamil Nadu," BJP said.