Indian Billionaire Adani Responds to U.S. Bribery Claims, Says No One in Group Charged

MUMBAI, India — Adani Group Chairman Gautam Adani on Tuesday dismissed allegations of bribery and corporate misconduct tied to a U.S. investigation, telling shareholders that no individual associated with the conglomerate has been charged under the U.S. Foreign Corrupt Practices Act (FCPA).

“Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice,” Adani said during the company’s annual general meeting (AGM). “Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down.”

His comments come in the wake of heightened global attention after U.S. prosecutors last November named Adani and senior executives in a case alleging bribery to win power contracts in India and misrepresentation to U.S. investors. The Adani Group has firmly rejected the accusations, calling them “baseless” and reiterating that it is fully cooperating with all legal proceedings.

The conglomerate remains under the lens of Indian regulators as well. The Securities and Exchange Board of India (SEBI) is continuing its investigation into Adani Group and 13 offshore entities linked to it, following the explosive 2023 report by Hindenburg Research. The report accused the group of stock manipulation and improper use of tax havens—claims the group has consistently denied.

In a defiant tone, Adani used the AGM to reassure stakeholders of the group’s financial and strategic stability. He emphasized that the company continues to grow its clean energy portfolio at scale.
“Our ambition is clear,” Adani said. “We are building the world’s largest renewable energy park in Khavda, Gujarat, and we are on track to install 50 gigawatts of renewable capacity by 2030.”

He further announced that with the integration of thermal, renewable, and pumped hydro energy assets, the Adani Group expects to hit a total installed power generation capacity of 100 gigawatts by the end of the decade.

Highlighting the company’s aggressive expansion strategy, Adani revealed a record capital expenditure plan.
“We anticipate investing between $15 billion and $20 billion annually over the next five years,” he said.

Despite the legal and regulatory turbulence, Adani’s message to shareholders was one of resilience and long-term vision. He emphasized that the group is not only weathering the storm but using it as a catalyst to accelerate its clean energy ambitions and infrastructure leadership.

At the annual meeting, Gautam Adani kept his focus on the business. He briefly addressed the U.S. bribery allegations, saying no one in the group had been charged, then turned to what he clearly sees as the bigger story: a massive investment plan and a long-term growth strategy. For Adani, the message was less about defending the past and more about keeping the group’s future on track.

Also Read: Adani Group CFO Denies $265 Million Bribery Allegations | Company Responds to U.S. Charges