Gautam Adani faces bribery charges in America

Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors. The Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading,

the U.S. Securities and Exchange Commission said

The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless,

read the statement in part

Those employees were all terminated in 2023 and CDPQ is cooperating with the U.S. authorities,

it said

The timing of the report, just before the parliament session and Donal(d) Trump's impending presidency raises several questions,

he said, without elaborating

All pending matters against Adani should be probed by an investigation agency and monitored by the Supreme Court,

Singh said

We are raising this issue, it is my responsibility to raise this issue as leader of opposition,

Rahul Gandhi, leader of the main opposition Congress party, told reporters when asked if he would bring it up in parliament next week

As stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." ... All possible legal recourse will be sought."

Furthermore, the statement asserted its stance and added

The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all the law,

the statement added

Should we then allow law to take its course and the concerned corporate to defend or plant ourselves in domestic politics of a foreign country,

he said, asking the Congress to not get needlessly excited

All the states mentioned here were Opposition-ruled during that time. So, before you pontificate, answer on the bribes the Congress and its allies accepted,

He told Ramesh ... he said

The INC had asked a hundred questions in its Hum Adani ke Hain (HAHK) series bringing out the various dimensions of these scams and of the intimate nexus that has existed between the PM and his favourite businessman. These questions have remained unanswered,

he said

The United States Department of Justice has also included our Board member, Vneet Jaain, in such a criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings. You are requested to take the same on your records."

In addition, the statement further read

As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors,

stated United States Attorney Peace

This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice,

stated Deputy Assistant Attorney General Miller

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 FBI Assistant Director in Charge Dennehy

A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements."

According to

Since releasing our January 2023 report identifying Adani as the largest corporate con in history, we have never wavered in our view, ... nor has Adani ever refuted our findings.”

Hindenburg said in an emailed statement

These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors,

added Deputy Assistant Attorney General Lisa H Miller

As alleged, Gautam and Sagar Adani induced U.S. investors to buy Adani Green bonds through an offering process that misrepresented not only that Adani Green had a robust anti-bribery compliance program but also that the company's senior management had not and would not pay or promise to pay bribes,

a statement from Sanjay Wadhwa, Acting Director of the SEC's Division of Enforcement, said in part