Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have not been charged with violating the US Foreign Corrupt Practices Act (FCPA), according to filings by Adani Green Energy Ltd. (AGEL). The company has dismissed media reports suggesting otherwise as incorrect.
In its official statement, AGEL clarified that the indictment by the US Department of Justice (DOJ) does not include any bribery or corruption allegations against the Adani officials. “Media articles which state that certain of our directors—namely Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain—have been charged with violation(s) of the FCPA are incorrect,” the statement noted. “They have not been named in any counts related to bribery, corruption, or conspiracy to obstruct justice.”
The DOJ indictment focuses on alleged misconduct involving executives from Azure Power and CDPQ, a Canadian institutional investor. Count One, which addresses conspiracy to violate the FCPA, names only Ranjit Gupta, Cyril Cabanes, and other Azure executives. Count Five, concerning conspiracy to obstruct justice, similarly omits the Adani officials.
However, misinformation surrounding the indictment has fueled reckless reporting in both Indian and international media, claiming Adani officials were charged under all five counts. This misinterpretation has sparked unwarranted scrutiny of the group, AGEL stated.
The indictment alleges securities fraud, wire fraud conspiracy, and securities fraud conspiracy in other counts. Still, no evidence links Adani executives to bribery payments or direct misconduct. Instead, the DOJ’s case rests on allegations of bribes being “promised or discussed,” largely based on claims from former Azure and CDPQ employees.
An AGEL spokesperson criticized the indictment’s lack of substantive evidence, calling the allegations “shaky both morally and legally.” The fallout has been severe for the Adani Group, resulting in project cancellations, financial market turbulence, and increased scrutiny from partners and investors.
The Adani Group, one of India’s largest infrastructure conglomerates, operates globally in energy and logistics, competing with US and Chinese players. Since the DOJ indictment, the group’s market capitalization has plummeted by $55 billion across its 11 listed entities.