The Adani Group has responded to reports of a US investigation into bribery allegations, stating that it is not aware of any such probe targeting the company or its chairman, Gautam Adani. The group's denial follows a report by Bloomberg News suggesting that the United States was looking into accusations of bribery, particularly focusing on Adani's involvement.
According to the report, US prosecutors were examining whether individuals associated with the Adani Group, including Gautam Adani, were engaged in offering bribes to Indian officials to secure favorable treatment for an energy project.
The investigation, reportedly handled by the US Attorney's office for the Eastern District of New York and the Justice Department's fraud unit in Washington, also mentioned scrutiny of an Indian renewable energy company, Azure Power Global.
The backdrop for these allegations includes a previous report by a US short-seller, which accused the conglomerate of fraudulent activities and stock manipulation. This report resulted in a significant decline in the market value of Adani Group companies and led to the cancellation of a major public offering by Adani Enterprises.
While the Adani Group vehemently denied these allegations, they triggered investigations by Indian authorities, including the Supreme Court and the Securities and Exchange Board of India (SEBI). However, as of now, none of the accusations made by the US short-seller have been substantiated.
