Adani Green Energy Ltd (AGEL) clarified on November 27 that the US Department of Justice (DoJ)'s accusations against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain under the US Foreign Corrupt Practices Act (FCPA) are "incorrect" amid the controversy surrounding corruption charges against the Adani Group. The business did admit, meanwhile, that the indictment also includes three more accusations against the executives, including wire fraud and securities.

AGEL emphasized in a regulatory filing that although charges of wire fraud and securities fraud have been made, there are no claims of foreign corruption or bribery.

AGEL stated that media reports that our directors Vneet Jaain, Sagar Adani, and Gautam Adani have been accused of violating the US Foreign Corrupt Practices Act (FCPA) are untrue.

What accusations are made against executives at Adani?

AGEL explained that the following are the charges against its executives:

 • Count Two: Alleged conspiracy to commit securities fraud

• Count Three: alleged conspiracy including wire fraud

 • Count Four: Securities fraud allegations

The business also clarified that Gautam Adani, Sagar Adani, and Vneet Jaain are not included in Count One of the DoJ's five-count indictment, which deals with "conspiracy to violate the FCPA," or Count Five, which deals with "conspiracy to obstruct justice."

Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal are among the people connected to Azure Power and CDPQ, a Canadian institutional investor, who are charged with bribery in Count One. AGEL reaffirmed that this count does not include any names of Adani executives.

Details about the alleged bribes are missing from the chargesheet: Rohatgi Mukul

Mukul Rohatgi, a former attorney general for India, told reporters on Wednesday that he had examined the US court's 54-page indictment and found five allegations or counts. "The chargesheet did not name any individuals or provide specific details," he said, despite the allegations that Adanis had bribed Indian officials in connection with electricity supply and purchase. He wondered how one could effectively address such broad charges.

He remarked, "I'm not sure how one can react to these kinds of chargesheets."

Adani's emphasis on Indian media and the US DoJ

The DoJ's accusation, according to the Adani Group, is devoid of proof that its executives paid bribes to Indian government officials.

It claimed that the case is based on hearsay and assumptions from former Azure Power employees and CDPQ representatives.

"All of this is based on likelihoods and hearsay from former employees of Azure Power and CDPQ, placing the US DoJ's and SEC's actions on dangerously shaky ground—both morally and legally," according to the organization.

The impact of allegations on the Adani Group

The US probe and what the Adani Group refers to as "reckless false reporting" have had a significant impact on the corporation. This includes the cancelation of overseas projects like the Kenya airport, delays in the Bangladesh power contract, financial market volatility, and increased scrutiny from important partners and investors.

Details about the alleged Adani bribery case

According to US investigators, the alleged bribery scheme withheld critical information from American investors and financial institutions. During the period under consideration, the Adani Group purportedly raised billions of dollars for renewable energy projects.

The US Securities and Exchange Commission (SEC) has filed civil charges for securities fraud and wire fraud conspiracy. The US Attorney's Office for the Eastern District of New York has filed criminal charges related to FCPA offenses. The charges involve Adani executives, Azure Power staff, and former CDPQ employees.

This indictment presents a huge challenge to the Adani Group, which had just stabilised its financial condition following Hindenburg Research's charges of stock manipulation and accounting fraud in 2023.

The earlier claims resulted in a temporary $150 billion drop in market value for Adani enterprises, but the group was able to recoup much of it through robust denials and recovery measures.

The latest claims raise worries about the conglomerate's corporate governance and investor trust.