India’s Adani Group Reaffirms Commitment to Compliance After US Allegations of Bribery and Fraud

After being accused of bribery and fraud by US officials, Adani Group has promised to follow compliance standards.

The Indian billionaire Gautam Adani has reaffirmed his company’s dedication to “world-class regulatory compliance.” This comes after he and seven of his colleagues were charged with fraud and bribery in the US. In public, these are his first words since the charges came out.

Adani, 62, was charged with securities fraud, conspiracy, and wire fraud on November 20 by US officials in New York. He is a close friend of Prime Minister Narendra Modi. One of the charges is that the person paid or planned to pay $265 million in bribes to get contracts and money for a big solar energy project in India.

“This isn’t the first time someone has given us trouble like this.” The only thing I can say is that every attack makes us stronger. Adani said this at an awards event in Jaipur on Saturday: “Every problem is a chance to make the Adani Group stronger.”

He said that the problems were “the price of being a pioneer” and that “the world will look at you more closely the bigger your dreams are.” These days, bad news spreads faster than truth. And while the court process is going on, I want to make it clear that we are still fully committed to meeting all regulations to the highest standards.

In a statement released last week, the Adani Group said that the US Department of Justice and the US Securities and Exchange Commission’s claims were not true.

Tens of thousands of people work for Adani’s group, which runs India’s biggest coal mines, ports, and airports and is very important to the country’s economy. The conglomerate has big plans to become the world’s biggest provider of green energy by 2030, even though it started out using fossil fuels.

Many of Adani’s business successes can be traced back to him matching his goals with those of the Modi government. But his critics say he is guilty of crony capitalism because they say he gave certain people special treatment that helped him get important government contracts. These claims have been rejected over and over by the Adani Group.

Gautam Adani, an Indian billionaire, is accused of running a $250 million bribery scheme in the US.
Indian businessman Adani is being charged with fraud in the US over a huge solar deal in India.

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The trouble has already had an effect.

Adani’s business opportunities abroad. On November 21, Kenya’s president canceled multimillion-dollar deals with the group to update airports and work on energy projects.

Also, Sri Lanka is looking over its deals with Adani, which include a $440 million investment to build a port terminal and create wind power.

Also, Bangladesh’s temporary government is rethinking a deal with the Adani Group that lets them send power from India to Bangladesh.