Adani group refutes bribery charges in US DoJ indictment, says 'Charges related to alleged fraud conspiracy'

The Adani Group has refuted the alleged bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against Group's founder and Chairman Gautam Adani his nephew Sagar Adani and MD CEO Adani Green Energy Vineet Jaain in a filing with the stock exchanges. 

"Media articles which state that certain of our directors namely Gautam Adani, Sagar Adani and Vneet aain have been charged with violation(s) of the US Foreign Corrupt Practices Act (FCPA) in the indictment. Such statements are incorrect," said the statement by Adani Green Energy Ltd.

"Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC," it added.

In a legal indictment, count refers to individual charges against a defendant.

The filing states that, the DoJ Indictment, which has five counts, does not have any mention of and has excluded Gautam Adani, Sagar Adani or Vneet Jaain in Count One: ''Conspiracy to Violate the FCPA'; neither does it have mention of these three names in Count Five: "Conspiracy to obstruct justice"

The Adani Group is one of India's largest infrastructure players with sizeable operations in the global energy and logistics space.