New Delhi: Adani group on Wednesday denied that its directors Gautam Adani, Sagar Adani and Vneet Jaain have been charged with violation of the US Foreign Corrupt Practices Act (FCPA).
“Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ (US Department of Justice) or civil complaint of the US SEC (US Securities and Exchange Commission),” Adani group company Adani Green Energy Ltd said in a stock exchange filing.
Adani group clarified that three of its directors, Gautam Adani, Sagar Adani and Vneet Jaain have been charged on three counts in the criminal indictment, namely alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud.
The US Department of Justice and the Securities and Exchange Commission last week issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York against its directors, Gautam Adani, Sagar Adani, and their associates.
“Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses. Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation,” stated James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation (FBI), New York Field Office (FBI), in an official release issued by the United States Attorney’s Office on November 20, 2024.
Adani group spokesperson on November 21, 2024, dismissed these allegations as baseless.
“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,” Adani group spokesperson said in a media statement.
