New Delhi: The Ministry of External Affairs (MEA) on Friday described the indictment of industrialist Gautam Adani and other Adani Group executives in the United States as a legal issue involving private entities, individuals, and American authorities.
Addressing reporters, MEA spokesperson Randhir Jaiswal clarified that New Delhi had not been informed in advance about the indictment, which the United States Attorney’s Office filed for the Eastern District of New York on November 20. The charges, which pertain to allegations of bribery and fraud amounting to $265 million, are viewed by the Indian government as a matter to be handled between the involved private parties and US authorities.
Jaiswal noted that the government of India had no legal involvement in the case at this stage and emphasized the expectation that established legal procedures would be followed. He added that New Delhi and Washington had not discussed the matter and confirmed that India had not received any requests for mutual legal assistance, such as serving summonses or arrest warrants. He stated that such requests, if made, would be examined on their merits.
The US Department of Justice (DoJ) has alleged that Adani Group executives engaged in a scheme to bribe Indian officials to secure solar energy contracts. According to the indictment, the group is accused of misrepresenting its anti-bribery practices to US investors and concealing details of the alleged bribes to obtain financing.
The Adani Group has denied the allegations and announced plans to take legal action. In a statement issued on Wednesday, the group contended that Gautam Adani and his nephew Sagar Adani were charged with securities fraud, not bribery.
The indictment document, however, names Gautam Adani, Sagar Adani, and Cyril Cabanes of Azure Power Global in connection with what it describes as a “massive bribery scheme.” Although it outlines violations of the Foreign Corrupt Practices Act (FCPA) and conspiracy to obstruct justice, the accused have not been charged under these counts.
The developments have significantly impacted the Adani Group’s market standing. Shares in the group have plunged by $54 billion since the indictment was reported, while credit rating agency Moody’s has downgraded its outlook for Adani firms to “negative.” Additionally, TotalEnergies, a key partner of the Adani Group, has paused its investments citing legal uncertainties.
The case continues to unfold as the Adani Group faces mounting scrutiny in the wake of the US charges.