Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, opened up about the recent indictment that alleges he participated in a multi-billion dollar fraud scheme.
Last week, authorities accused Gautam Adani, 62, along with two other executives at Adani Green Energy — his nephew, Sagar Adani, and a man named Vneet Jaain — of orchestrating millions in bribes to various Indian government officials between 2020 and 2024.
“Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy,” Adani said Saturday while speaking at an awards ceremony in Jaipur, India. “This is not the first time we have faced such challenges.”
The indictment alleges corrupt officials pocketed a total of $250 million in bribes, then in turn granted Adani a solar energy supply contract worth $2 billion.
Prosecutors said the renewable energy company also raised more than $3 billion in loans and bonds during this period on the basis of false and misleading statements.
“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” Adani said. “In today’s world, negativity spreads faster than facts, and as we work through the legal process, I want to re-confirm our absolute commitment to world class regulatory compliance.”
Three other employees were hit with related criminal conspiracy charges.
Adani Group denied the allegations, and the Indian government said U.S. officials have not approached them about the ongoing case.
With Post wires
