Adani Group Dismisses Reported Bribery Probe by US Prosecutors as False

Adani companies have not received any notice from the US Department of Justice regarding an investigation into whether the Indian conglomerate might have been involved in bribery, according to exchange filings.

In separate filings on Monday, Adani companies including Adani Ports and Special Economic Zone Ltd., Adani Enterprises Ltd., ACC Ltd., Ambuja Cements Ltd., Adani Power Ltd., Adani Total Gas Ltd., Adani Wilmar Ltd., New Delhi Television Ltd., and Adani Energy Solutions Ltd. stated that they have not received any notice from the US Department of Justice regarding the allegation mentioned in the article. The companies asserted that the report is false.

Adani companies haven’t received any notice from the Department of Justice of US in respect of the allegation referred to in the said article, listed Adani companies including Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. said in separate filings calling the report false.

Last week, Bloomberg News, citing individuals with direct insight into the matter, reported that US prosecutors have expanded their investigation into the Adani Group. The probe now includes examining whether an Adani entity might have been involved in bribery, along with scrutinizing the actions of the conglomerate's billionaire founder, Gautam Adani.

The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., 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, Bloomberg had reported. At the time, the Adani Group had said, “We are not aware of any investigation against our chairman. As a business group that operates with the highest standards of governance, we are subject to and fully compliant with anti-corruption and anti-bribery laws in India and other countries.

Following last year's publication by Hindenburg, which accused Adani group companies of involvement in fraudulent transactions, accounting fraud, and stock market manipulation, Adani group companies experienced a significant stock market decline, resulting in a loss of $111 billion worth of investor wealth.