U.S. Expands Probe into Adani Group, Examines Allegations of Bribery

The United States has intensified its scrutiny over India’s Adani Group, putting the spotlight on the conglomerate’s founder, Gautam Adani, amidst allegations of bribery. According to Bloomberg News, U.S. prosecutors are investigating whether any Adani entity or affiliates, including Gautam Adani himself, were involved in offering bribes to secure favorable treatment for an energy project in India. This investigation is being conducted by the U.S. Attorney’s Office for the Eastern District of New York alongside the Justice Department’s fraud unit in Washington, which has also extended its probe to Azure Power Global, a major player in the Indian renewable energy sector.

The allegations under investigation suggest a potential pattern of engaging in corrupt practices to influence official decisions, raising concerns over the group’s operations and governance standards. Adani Group, in response to Bloomberg News, stated that they are unaware of any such investigation targeting their chairman. Meanwhile, attempts to seek comments from Adani Group, Azure Power, the Department of Justice, and the Eastern District of New York Attorney’s Office have yet to yield any responses.

This probe comes in the wake of a significant downturn in Adani Group’s financial securities last year, triggered by accusations from U.S. short-seller Hindenburg Research. The firm accused Adani of engaging in improper governance, stock manipulation, and utilizing tax havens for illicit benefits, allegations that the Adani Group has vehemently denied. This ongoing investigation not only casts a shadow over Adani’s vast business empire but also places Indian corporate governance practices under international scrutiny.

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