New Delhi: Adani group in a brief statement called the allegations made by the US Department of Justice and the US Securities Exchange Commission baseless and denied them. The ports-to-retail conglomerate cited the US DoJ’s statement to say that the charges were allegations. It said the defendants are presumed innocent until proven guilty.
Adani Group said it will take all possible legal recourse in the matter. The group reiterated its commitment to governance, transparency, and compliance. Adani Group said this applies to its operations irrespective of jurisdiction. The compoany spokesperson sought to reassure shareholders, partners and staff members that it was in compliance with laws and a law-abiding organisation.
Adani Group Spokesperson says, “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. As stated by the US Department of Justice itself, “the charges in the indictment are… pic.twitter.com/rSuxuHTFUo
— ANI (@ANI) November 21, 2024
What are US SEC allegations against Gautam Adani
Adani Group chairman Gautam Adani was indicted by the US Securities and Exchange Commission (SEC) for alleged securities fraud. The US markets regulator also alleged conspiracy to commit securities and wire fraud. Adani Green Energy allegedly secured funding from US investors for a solar energy project in India while allegedly planning to pay $265 million in kickbacks to secure this contract.
Co-defendants in the case include Adani’s nephew and Adani Green Energy executive director Sagar Adani, as well as MD Vneet Jaain. Adani Green Energy owns a 20 GW green energy portfolio. It also operates one of the world’s largest solar power plants in Tamil Nadu. The company plans to invest $70 billion in clean energy projects by 2032. It aims to become India’s largest green energy player by 2032.
The conspiracy was allegedly hatched in 2020-21 with an eye on securing funding for power projects in India. The projects were secured despite a propensity for distribution companies to source cheaper power from government suppliers. Adani Group allegedly bribed discom officials to pave the way for distribution and garner money from abroad.
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