WASHINGTON: The US prosecutors have escalated their investigation into India’s Adani Group, focusing on potential bribery allegations and the conduct of the company’s founder, billionaire Gautam Adani, according to sources familiar with the matter.
The scrutiny of Adani Group by US authorities has escalated, with investigators delving into suspicions of bribery involving an Adani entity or individuals associated with the conglomerate, including Gautam Adani.
Sources, requesting anonymity -as per the report by Bloomberg- due to the sensitive nature of the investigation, revealed that the probe aims to determine whether officials in India received payments for granting favourable treatment in an energy project.
Managed by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, the investigation also encompasses Indian renewable energy firm Azure Power Global Ltd., according to insiders.
In response to inquiries in a statement, the Adani Group asserted, “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,” as quoted by Bloomberg.
As of now, neither Gautam Adani, Adani Group, nor Azure Power have faced charges from the Justice Department. It’s worth noting that investigations may not necessarily result in prosecutions.
Despite being a prominent player in India’s economic landscape, with extensive ventures in ports, airports, and infrastructure, Adani Group’s international reach attracts investment from global markets. Under US law, federal prosecutors have the authority to pursue foreign corruption cases if they involve ties to American investors or markets.
