Mon. Dec 23rd, 2024

Gautam Adani bribery charges in NewYork in Nov 2024

By Patrick Gathu Nov 21, 2024 #NEWS

Gautam Adani, founder of the Adani Group, faces bribery allegations involving payments to Indian officials to secure energy project contracts. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are investigating potential violations of the Foreign Corrupt Practices Act (FCPA). The allegations include over $250 million in bribes and misleading U.S. investors. The Adani Group denies all accusations and claims compliance with laws. This follows previous scrutiny from a Hindenburg Research report on stock manipulation and fraud.

The Adani Group and its founder, Gautam Adani, are under investigation by U.S. authorities for alleged bribery and corruption. The U.S. Department of Justice and the Attorney’s Office for the Eastern District of New York are reportedly examining whether individuals associated with the Adani Group offered bribes to Indian officials to secure favorable treatment for an energy project. This investigation includes the activities of Azure Power Global, a competitor in the renewable energy sector.

The Adani Group has denied awareness of any investigation into its chairman and maintains compliance with anti-corruption laws. These inquiries are part of a broader scrutiny following allegations by Hindenburg Research in 2023, which accused the group of stock manipulation and fraud. While no formal charges have been filed against Gautam Adani or his companies, investigations under the U.S. Foreign Corrupt Practices Act (FCPA) can be prolonged and complex, often involving evidence collection across multiple jurisdictions.

 

 

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