Adani Group’s financial chief, Jugeshinder Singh, has firmly dismissed allegations linking the conglomerate’s top executives to a $265 million bribery scheme. Speaking at an event in Mumbai, Singh declared, “We reject all of this strongly on behalf of the individuals. Nothing of this sort happened. If we were paying that amount of cash, I’d certainly know.”
The accusations, brought by U.S. authorities, implicate Chairman Gautam Adani, his nephew Sagar Adani, and Vneet S. Jaain, managing director of Adani Green, in a scheme aimed at securing Indian solar power contracts through bribes and misleading American investors during fundraising efforts.
In response, the group has labeled the claims “baseless” and pledged to explore all available avenues to challenge them. Singh emphasized that while the company itself won’t take direct action regarding the U.S. indictment, the accused individuals plan to address the allegations within the next 10 days.
The indictment has triggered significant fallout. Adani Group’s stocks have nosedived, one Indian state is reassessing its energy partnership with the conglomerate, and TotalEnergies has halted further investments in the group. Political tensions in India’s parliament have also escalated, adding to the turmoil.
Meanwhile, India’s foreign ministry downplayed the matter, framing it as a legal dispute involving private entities and the U.S. Department of Justice. Officials stated that New Delhi has not received any formal requests from Washington concerning the case.
Adani Group, a sprawling empire spanning ports to power, remains resolute in its denial of wrongdoing as the controversy continues to cast a shadow over its operations.
