Adani Group chairman Gautam Adani on Tuesday stated that no one from the Group has been charged with violating the US Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. He made the remark during the group’s annual general meeting (AGM).
Adani, along with several senior executives, is under investigation in the US for allegedly orchestrating a $265 million bribery scheme to secure solar energy contracts in India. According to the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), between 2020 and 2024, Adani and his associates are alleged to have paid bribes to Indian officials in exchange for favorable energy deals. The authorities also allege that these actions were concealed from US investors during fundraising efforts.
The allegations include potential violations of the FCPA, as well as securities fraud and wire fraud. The Adani Group has strongly denied the accusations, calling them baseless. “We proved that true leadership is not built in sunshine but forged in the fire of crisis. This was tested again last year when we faced allegations from the U.S. Department of Justice relating to Adani Green Energy,” Adani said.
“Despite all the noise, the fact is that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice. We live in a world where negativity often echoes louder than the truth. As we continue to cooperate with legal processes, let me also reaffirm that our governance is of global standards, and our compliance frameworks are non-negotiable,” he added.
During the AGM, Adani also highlighted the group's performance, stating that even amid turbulence, the conglomerate recorded "record-breaking revenue, unprecedented growth, and historic profitability."
Meanwhile, a Bloomberg report last month revealed that representatives of Adani have been in discreet talks with officials from the Trump-led U.S. administration. According to the report, the meetings began earlier this year and intensified in recent weeks, with Adani’s emissaries arguing that the case conflicts with President Trump’s current policy priorities. They are reportedly lobbying for the charges to be reconsidered or withdrawn.
The developments come at a critical juncture for the Adani Group, which has been navigating regulatory and reputational challenges globally since a short-seller report last year triggered intense scrutiny of the conglomerate’s financial practices.