Have not received any notice: Adani Group on reports of US bribery probe

The Adani Group has stated that it has not received any notice from the US Department of Justice regarding the investigation into bribery allegations. According to exchange filings, Adani Group Chairman Gautam Adani and his companies have refuted the claims, labeling them as "false."

Reports surfaced last week suggesting that US prosecutors were intensifying their investigation into the Adani Group, focusing on potential bribery activities. Bloomberg, citing undisclosed sources, detailed the probe's expansion, which purportedly includes scrutiny of an Adani entity's involvement in bribery. The investigation is said to encompass the conduct of Gautam Adani himself.

Additionally, the probe reportedly extends to Indian renewable energy company Azure Power Global Ltd. The investigation is being handled by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington. However, it's important to note that the initiation of an investigation does not imply guilt or wrongdoing, as investigations may not always lead to prosecutions.

Adani companies, including Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd., emphasized their compliance with anti-corruption and anti-bribery laws in India and other countries. They reiterated their commitment to operating with the highest standards of governance.

This development follows previous allegations against the Adani Group. Last year, Hindenburg Research published a report accusing Adani companies of involvement in fraudulent transactions, accounting irregularities, and stock market manipulation. The report triggered a significant stock market decline, resulting in a loss of $111 billion in investor wealth for Adani group companies.