A recent report by Bloomberg has brought the Adani Group under scrutiny for potential bribery allegations in energy projects, particularly in collaboration with Indian renewable energy company Azure Power Global Ltd.
The investigation, initiated by the United States, extends to Gautam Adani, the founder of the Adani Group, as authorities delve into possible bribery practices to secure energy projects. The probe aims to determine if individuals associated with the Adani Group or Gautam Adani himself engaged in bribery to expedite project completion.
The investigation also encompasses Azure Power Global Limited, further broadening the scope of the review. Both the United States Attorney’s Office of the Eastern District of New York and the Department of Justice’s fraud unit in Washington are actively pursuing this case.
In response to inquiries regarding the investigation, the Adani Group stated that it is unaware of any such probe. However, representatives from Azure Power and the Department of Justice have yet to provide any comment.
This development follows previous allegations of fraud leveled against the Adani Group by Hindenburg Research last year. The accusations, which the Adani Group vehemently denied, claimed manipulation of stocks and involvement in accounting fraud.
While the Adani Group has refuted these allegations, the ongoing scrutiny and investor uncertainty underscore the challenges faced by the conglomerate amidst heightened regulatory scrutiny and public scrutiny.
