Mumbai: The Adani Group on Thursday firmly rejected allegations made by United States prosecutors that its chairman, Gautam Adani, had paid over $250 million in bribes to secure lucrative government contracts.
The charges, announced by the US Department of Justice and the US Securities and Exchange Commission, accuse Adani and seven other executives of engaging in a complex bribery scheme to obtain solar energy contracts in India.
In an official statement, the Adani Group described the allegations as “baseless” and vowed to take all necessary legal actions to defend its reputation. “We categorically deny these allegations and will pursue all legal recourse to protect our interests and those of our stakeholders,” said a spokesperson for the conglomerate.
The indictment, unsealed in a federal court in Brooklyn, New York, outlines a five-count charge against Adani and his associates, including securities fraud and wire fraud. Prosecutors allege that the defendants orchestrated a scheme to deceive investors and secure billions of dollars from Wall Street while planning substantial bribes to Indian officials.
The charges have already had significant repercussions for the Adani Group, with Moody’s rating agency indicating that the indictment negatively impacts the credit status of the group’s companies. The market reacted sharply, with Adani stocks experiencing substantial declines.
Despite the serious nature of the charges, the Adani Group remains resolute in its defense, emphasizing its commitment to ethical business practices and transparency. The company has assured its investors and stakeholders that it will continue to operate with integrity and uphold its corporate values.
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