Adani Group CFO Denies $265 Million Bribery Allegations | Company Responds to U.S. Charges
Adani Group CFO Jugeshinder Singh firmly rejects U.S. claims of a $265 million bribery scheme involving Gautam Adani and top executives. Learn about the group's response, the fallout, and what's next in the case.
Adani Group’s Chief Financial Officer, Jugeshinder Singh, has firmly denied accusations from U.S. authorities that key company leaders, including Chairman Gautam Adani, were involved in a $265 million bribery scandal. Speaking at an event in Mumbai on Friday, Singh called the allegations baseless and assured that those named would respond to the charges within ten days.
“We completely reject these accusations,” Singh said. “We know for a fact that nothing like this happened. If such a huge amount of money had been paid, I’d certainly know about it. It’s just not true.”
The U.S. claims that Gautam Adani, his nephew Sagar Adani, and Vneet S. Jaain, who leads Adani Green, were part of a plan to bribe officials to win Indian solar power contracts. The authorities also allege that these actions misled American investors during fundraising efforts.
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The Adani Group, which operates businesses ranging from ports to energy, has repeatedly called the charges unfounded and promised to use all available legal options to fight them.
Individuals to Handle Charges
Singh clarified that while the Adani Group as a whole wouldn’t take action regarding the U.S. indictment, the executives involved would handle the matter personally.
“The group won’t act on the indictment, but the individuals accused will deal with it themselves,” Singh explained.
Fallout From the Allegations
The accusations have had a major impact. Adani Group’s shares have taken a sharp hit, and at least one Indian state is reviewing its power deal with the company. The controversy has also sparked heated debates in India’s parliament, escalating political tensions. Meanwhile, French energy giant TotalEnergies has announced it will halt new investments in the Adani Group for now.
India’s Ministry of External Affairs has weighed in, stating that the issue is a legal matter between private companies and the U.S. Department of Justice. The ministry also confirmed that it hasn’t received any official communication from the U.S. about the case.
Also Read: Gautam Adani’s Global Business Empire: Energy, Airports, Food, Cement & Defense
