Adani Group denies US fraud and bribery charges as 'baseless', to seek ‘all possible legal recourse'

The Adani Group on Thursday denied allegations outlined in a US indictment accusing its chairman, Gautam Adani, and seven others of orchestrating a $250 million bribery and fraud scheme, calling them "baseless".

In a statement, the Adani Group said, “The allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

The US Justice Department on Wednesday unsealed a criminal indictment alleging that Adani and others paid substantial bribes to Indian government officials between 2020 and 2024 to secure lucrative solar energy contracts. Prosecutors said the contracts, tied to a massive solar energy project, were expected to generate over $2 billion in profits over 20 years.

The Adani Group, however, rejected the accusations, referring to the Justice Department's own disclaimer that the charges are allegations and that the defendants are presumed innocent until proven guilty. "All possible legal recourse will be sought," the company said.

As the group’s stocks nosedived on Thursday in the wake of the indictment, it assured its stakeholders, partners and employees that they are a “law-abiding organisation, fully compliant with all laws.”

Moody's on charges against Adani

Meanwhile, Moody's Ratings on Thursday said it will look at Adani Group's governance practices when assessing the ports-to-energy conglomerate's ability to access capital in the aftermath of indictment of the group head Gautam Adani on bribery charges.

"The indictment of Adani Group's chairman and other senior officials on bribery charges is credit negative for the group's companies," Moody's Ratings said in a statement.

"Our main focus when assessing Adani Group is on the ability of the group's companies to access capital to meet their liquidity requirements and on its governance practices," Moody's said.