U.S. Expands Investigation into Adani Group, Focusing on Founder’s Alleged Bribery

“U.S. Expands Investigation into Adani Group, Focusing on Founder’s Alleged Bribery”

The United States has intensified its investigation into the Adani Group, with new inquiries centered on the group’s founder, Gautam Adani, regarding potential bribery linked to securing advantages for an energy project in India. This expansion of the probe involves the U.S. Attorney’s office alongside the Justice Department’s fraud unit, which is also scrutinizing the practices of Azure Power Global, an Indian renewable energy firm.

The Adani Group has publicly stated its lack of knowledge concerning any ongoing investigation targeting its chairman. This development follows a significant downturn in the group’s financial market presence, triggered by a selloff of its stocks and bonds after accusations of substandard governance and involvement with tax havens. The group has consistently denied these allegations.

The Hindu, referencing Bloomberg, reported this unfolding story on March 16, 2024, shedding light on the increasing scrutiny facing one of India’s most prominent business conglomerates. The focus on Gautam Adani himself marks a significant shift in the investigation, highlighting the international reach and implications of the probe.
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Source: https://www.thehindu.com/business/Industry/us-probing-gautam-adani-and-adani-group-over-potential-bribery-report/article67956105.ece/amp/

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