Adani Group And Its Founder Are Being Probed For Bribery

(CTN News) – News reports that on Friday, the United States expanded its investigation into India’s Adani Group to include its founder, Gautam Adani, and the possibility that the company may have engaged in bribery.

According to the report citing people with direct knowledge of the matter, government prosecutors are investigating whether an Adani entity or individuals linked to the company, including Gautam Adani Group, were involved in the payment of Indian officials for favorable treatment on an energy project, according to the report.

It has been reported that the U.S. Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit are handling the investigation, which is also focusing on an Indian renewable energy company called Azure Power Global.

The Adani Group has stated that it is unaware of any investigation against its chairman, which was reported by some media outlets.

Reuters reached out to Adani Group, Azure Power, and the US Department of Justice for comment, but they did not immediately respond.

It appears that the Attorney’s Office for the Eastern District of New York has not yet responded, but a message has been left with them and they will get back to you as soon as possible.

Early last year, Adani Group’s stocks and bonds suffered a massive sell-off after U.S. short-seller Hindenburg Research released a report charging that the group had improper governance practices, was manipulating its stock, and was using tax havens to avoid taxation.

The Indian company, however, has denied these allegations and has stated that they have no knowledge of them.

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