New Delhi – The Adani Group has strongly refuted claims that Gautam Adani, his nephew Sagar Adani, and other executives violated the U.S. Foreign Corrupt Practices Act (FCPA). The allegations surfaced amid a U.S. Department of Justice (DOJ) indictment accusing them of paying $265 million in bribes to Indian officials to secure solar energy contracts.
The charges, which also involve securities fraud, are part of a broader investigation into alleged fraudulent practices in fundraising and corporate disclosures. U.S. authorities claim that these actions resulted in profits estimated at $2 billion over 20 years, gained through contracts allegedly obtained via illicit payments. The Securities and Exchange Commission (SEC) has also filed charges, citing violations of anti-fraud provisions.
In response, Adani Green Energy Ltd., the renewable energy arm of the Adani Group, clarified through a stock exchange filing that claims of FCPA violations are incorrect. The group labeled the allegations “baseless” and reiterated its adherence to all applicable laws and regulations.
The case has drawn significant attention due to its implications for international business practices and compliance. Legal experts suggest that if proven, the charges could lead to arrest warrants or extradition requests under the India-U.S. Extradition Treaty. However, the Adani Group maintains its stance of innocence and has committed to defending itself vigorously.
This legal challenge unfolds as the Adani Group continues its global expansion in renewable energy, underscoring the critical importance of corporate governance and transparency.
(Inputs from agencies)
Web Team, C6N
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