‘Adani Leaders Not Charged Under US FCPA Violations…’ Says Adani Green - Full Statement Here

Adani Green On US Charges: Billionaire Gautam Adani-led Adani Green has issued a fresh statement on November 27, refuting media allegations that the directors of Adani Group including Gautam Adani, Sagar Adani,  and Vneet Jaain are not charged under US Foreign Corrupt Practices Act (“FCPA”) violations.

Citing reports from five media publications, Adani Green stated, “There are media reports which state that certain of our directors namely Mr Gautam Adani, Mr Sagar Adani and Mr Vneet Jaain have been charged with violation(s) of the US Foreign Corrupt Practices Act (“FCPA”) in the indictment. Such statements are incorrect. Mr. Gautam Adani, Mr. Sagar Adani and Mr. 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.”

Clarification on Charges

The renewable major also clarified that the directors of the company are charged under alleged criminal indictments including securities fraud conspiracy.

"These directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," the company shared in a BSE filing.
"The indictment does not specify any quantum of any fine/penalty," the company shared.

No Adani Official Named Under FCPA Violation

The company stated that in the formal charges, the corruption and bribery charges involve different individuals, none of which is an Adani official.

“The Count One of the indictment, which refers to the corruption and bribery charges, only involves Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal of Azure Power and CDPQ (Caisse de dépôt et placement du Québec – a Canadian institutional investor and Azure’s largest shareholder). No Adani official has been named by DoJ under this.” the company shared.