The Adani Group has rebuffed claims of receiving any communication from the US Department of Justice (DOJ) regarding an alleged investigation into bribery allegations. This statement came in response to reports citing exchange filings and sources familiar with the matter. Last week, Bloomberg reported that US prosecutors were broadening their scrutiny of the Adani Group, specifically examining whether an Adani entity had engaged in bribery practices. The report also hinted at an investigation into the conduct of Adani Groups founder, Gautam Adani.Scope of the US ProbeAccording to Bloombergs sources, the US probe extends to Indian renewable energy firm Azure Power Global Ltd. The investigation is under the jurisdiction of the US Attorneys Office for the Eastern District of New York and the Justice Departments fraud unit in Washington. However, its crucial to note that being under investigation does not imply any formal charges or allegations against Gautam Adani or his company. Investigations of this nature dont always culminate in prosecutions.Adani Groups ResponseIn response to these reports, Adani Group clarified that none of its companies had received any notice from the US DOJ regarding the allegations mentioned in the Bloomberg article. This denial was reiterated in separate filings by Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd., labelling the report as false.In a previous statement to Bloomberg, Adani Group stated, We are not aware of any investigation against our chairman. They emphasised their adherence to the highest standards of governance, asserting full compliance with anti-corruption and anti-bribery laws in India and other jurisdictions.Past ControversiesThis recent development follows previous controversies surrounding Adani Group, including allegations of fraudulent transactions, accounting irregularities, and stock market manipulation. These accusations were detailed in a report by Hindenburg last year, which resulted in a significant decline in investor confidence. Adani Group companies suffered a substantial decrease in market value, leading to a loss of $111 billion in investor wealth.
