The Adani Group has clarified that its chairman Gautam Adani, his nephew Sagar Adani, and executive Vneet Jaain have not been charged under the United States Foreign Corrupt Practices Act (FCPA) in a bribery case. The allegations involve claims of a $265 million bribe to Indian officials for securing solar energy contracts that could generate $2 billion in profits over the next 20 years. However, the U.S. Department of Justice (DOJ) has charged the individuals with securities fraud conspiracy, wire fraud conspiracy, and securities fraud under a criminal indictment filed in the Eastern District of New York.

The Adani Group, through a stock exchange filing, dismissed reports suggesting FCPA violations, emphasizing that the charges focus on alleged securities and wire fraud. The civil complaint, filed under the Securities Acts of 1933 and 1934, accuses the executives of aiding Adani Green Energy Limited in violating these laws. The filing also mentions potential monetary penalties but provides no specific figures. Adani Green Energy Limited has reiterated its stance of innocence and announced its intent to pursue all legal options to defend itself against the allegations.

The case has drawn significant global attention due to Gautam Adani’s stature as one of the world’s leading business figures. While the U.S. DOJ’s indictment includes criminal charges, the Securities and Exchange Commission (SEC) has filed a civil complaint seeking penalties against the company and its executives. The Adani Group maintains that the allegations are baseless and vows to clear its name in court. This development could have serious implications for the group’s reputation and its future ventures.