Indian billionaire Gautam Adani has been indicted by US prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.
Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".
Adani Green Energy Ltd (AGEL) maintained that allegations against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain under the US Foreign Corrupt Practices Act (FCPA) by the US Department of Justice (DoJ) are “incorrect.” However, the company acknowledged that the executives face three other charges, including securities and wire fraud, in the indictment.
Senior Indian lawyer like Mukul Rohatgi and Mahesh Jethmalni have come out in support of Adani Group.Mukul Rohatgi said Gautam Adani and his nephew have not been charged with violation of the US Foreign Corrupt Practices Act (FCPA) while Mahesh Jethmalani, asserted that the indictment only mentioned a "conspiracy to bribe".
Briefing the media, Rohatgi said while the charges mention that Adanis bribed Indian entities for solar power contracts, it doesn't mention the manner in which they were bribed
A fresh plea has been filed in the Supreme Court seeking a probe into the indictment of billionaire industrialist Gautam Adani who has been indicted in the U.S. for alleged bribery and fraud, saying the move "unveiled malpractices carried out by the conglomerate".
Moody’s Investors Service downgraded the outlook for seven Adani Group entities to “negative” from “stable,” while Fitch Ratings separately placed bonds of some Adani units on negative watch.
Durind the Winter Session of Parliament Opposition MPs raised slogans inside the Parliament demanding talks on Adani bribery case among other issues.
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      Adani indictment row