₹2,000 crore in bribes given to Indian Government officials to secure contracts

Indian businessman Gautam Adani accused by US Attorneys
Case registered in the US
Stock market crashes
Adani Group denies allegations

New York (USA) – Gautam Adani, the chairman of the Adani Group in India, has been accused by U.S. Government attorneys in New York of giving a bribe of ₹2,000 crore. The attorneys claimed that Adani and his nephew Sagar Adani, along with seven others, attempted to bribe certain Indian Government officials with ₹2,290 crore to secure a solar energy distribution contract. Last year, the U.S.-based ‘Hindenburg Research’ also accused the Adani Group of financial fraud. At the time, the Adani Group promptly denied the allegations. Gautam Adani, Vneet S. Jaain, Ranjit Gupta, Rupesh Agarwal, Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra are among those accused, and a case has also been registered.

The US attorneys also alleged that Vneet S. Jaain, a former executive at Adani Green Energy, concealed this corruption from creditors and investors while raising over $3 billion (₹25,348 crore) in loans and bonds.

All allegations are baseless : Adani Group

In response to the allegations made by the US attorneys, the Adani Group issued a clarification stating that all the accusations against the directors of Adani Greens are baseless, and the group is rejecting them. In legal matters, any charges filed are considered allegations until proven in Court, and the accused remains innocent until proven guilty. The group is considering all possible legal actions in this case. The Adani Group has always adhered to the highest principles of management. Transparency in operations and compliance with rules across all departments of the organisation are important values for the Adani Group. We want to reassure our stakeholders, partners, and employees that the Adani Group is a law-abiding entity that respects all laws.

Adani’s share prices plunge, resulting in ₹2 Lakh crore loss

The allegations against Gautam Adani have had a significant impact on the Indian stock market, with major declines in the stock indices. The shares of the Adani Group also dropped by nearly 20%, resulting in a loss of ₹2 lakh crore in market value. Even after Hindenburg’s allegations in January 2023, Adani’s shares had fallen, leading to significant financial losses.