Gautam Adani and Nephew Sagar Adani cleared of US FCPA charges: Adani green

The Adani Group has clarified that its chairman Gautam Adani, his nephew Sagar Adani, and key executive Vneet Jaain have not been charged under the United States Foreign Corrupt Practices Act (FCPA). This statement comes amid allegations by the US Department of Justice (DOJ) accusing them of bribing Indian officials with $265 million to secure solar energy contracts.

According to Adani Green Energy Limited, reports claiming violations of the FCPA are incorrect. Instead, the charges involve securities fraud conspiracy, wire fraud conspiracy, and securities fraud. The company stated these allegations could result in fines or penalties, though no specific amount has been mentioned.

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Allegations and Adani Group's stand

The DOJ has filed a criminal indictment in the United States District Court for the Eastern District of New York. The civil complaint alleges that Adani executives breached sections of the Securities Act of 1933 and 1934, aiding Adani Green Energy Limited in violations. However, the Adani Group denies all allegations and has vowed to use legal measures to defend itself.

The company emphasized that the complaint does not quantify any fines but seeks penalties for the alleged violations. It also reiterated that the executives are not guilty of any FCPA violations and will actively challenge the accusations in court.