Wednesday, May 29, 2024

US probing Gautam Adani over potential bribery, Adani Group says ‘not aware’

The United States has widened its investigation of Adani Group to focus on the conduct of its founder, Gautam Adani, and whether the company may have engaged in bribery, Bloomberg News reported on Friday.

“Investigators are digging into whether an Adani entity, or people linked to the company including Gautam Adani, were involved in paying officials in India for favorable treatment on an energy project, said the people, who asked not to be identified discussing the confidential effort,” read the report

According to Bloomberg News, The U.S. Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit in Washington are handling the investigation.

The prosecutors are also looking at Indian renewable energy company Azure Power Global, the report added.

Meanwhile, Adani Group has said it was ‘not aware of any investigations against the company and its chairman.’

Adani Group’s stocks and bonds saw a massive selloff early last year after U.S. short-seller Hindenburg Research issued a report that alleged improper governance practices, stock manipulation and the use of tax havens by the group.

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