November 27, 2024: The Adani Group has officially clarified that its chairman, Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain are not facing any bribery charges following recent claims by the US Department of Justice (DoJ). In a statement released today, the conglomerate refuted media reports that suggested the trio were implicated in bribery under the US Foreign Corrupt Practices Act (FCPA).

The Adani Group emphasized that while the US indictment includes five counts, none specifically involve the three executives in the charges of conspiracy or obstruction of justice. It also stated that the indictment only references discussions or promises of bribes without presenting any direct evidence that Indian government officials were bribed by Adani executives.

“The media’s flawed interpretation of the US indictment has led to inaccurate and damaging reports,” the statement read. Legal expert Mukul Rohatgi further questioned the charges, highlighting the lack of detail about any actual bribery recipients.

The group also expressed concern over the severe financial repercussions it has faced since the allegations emerged, citing a $55 billion drop in market capitalization across its 11 listed companies. The statement called the US action and media coverage “reckless,” noting that the accusations have triggered international project cancellations and scrutiny from investors and partners.