US Expands Probe into Adani Group, Focuses on Founder’s Conduct and Bribery Allegations

The United States has broadened its investigation into India’s Adani Group, with a particular focus on its founder, Gautam Adani, and potential bribery allegations, according to Bloomberg News. Prosecutors are reportedly examining whether entities within the Adani Group or individuals associated with the company, including Gautam Adani himself, may have engaged in bribery to secure favorable treatment for an energy project in India. The investigation, led by the US Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, has also extended its scrutiny to Indian renewable energy firm Azure Power Global.

In response to the report, Adani Group stated to Bloomberg News that they are unaware of any investigation against their chairman. However, neither Adani Group, Azure Power, nor the Department of Justice immediately responded to Reuters’ requests for comments. This development follows a significant selloff of Adani Group’s stocks and bonds last year after US short-seller Hindenburg Research alleged improper governance practices, stock manipulation, and the use of tax havens by the conglomerate. Adani Group has vehemently denied these accusations, maintaining their stance amidst the ongoing investigation.