The back and forth in the Adani US bribery case is just starting to gain more prominence with the statements from Adani Green refuting and denying allegations. Adani Green Energy refuted all allegations against Gautam Adani, Sagar Adani and senior executive Vneet Jaain, who are facing charges in a $265 million bribery case. Adani Green, in a regulatory filing, said that Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.
“Our directors namely Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have been charged with violation(s) of the U.S. Foreign Corrupt Practices Act (FCPA) in the indictment. Such statements are incorrect. Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC,” Adani Green said.
These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud.
Charges detailed in indictment says otherwise
However, the indictment by the US District Court clearly names the aforementioned senior officials from Adani Group in the case.
Giving an overview of the Bribery Scheme, the indictment sheet stated, “Beginning in or about 2020, defendant Ranjit Gupta and Co-Conspirator #2, while acting within the scope of their employment as officers, employees and against of the US Issuer, knowingly and willfully conspired and agreed with each other and others, including but not limited to the defendants Gautam S Adani, Sagar R Adani and Vneet S Jaain, to corruptly offer , authorize, promise to pay and to pay bribes to and for the benefit of government officials in India to cause Indian state electricity distribution companies to enter into contracts with SECI in order for the Indian Energy Company, the Indian Energy Company’s subsidiaries and the US Issuer to obtain and retain business. At various times in or about and between 2021 and 2022, other individuals, including but not limited to the defendants Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, Rupesh Agarwal and Co-Conspirator #1, knowingly and willfully joined the conspiracy.”
It went on the state that in order to accomplish the objectives of the then ongoing bribery scheme, the defendants Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, Rupesh Agarwal and Co-Conspirator #1, together with others, agreed to conceal the scheme from the United States government, including by obstructing an investigation by a grand jury in the Eastern District of New York, an investigation by the Federal Bureau of Investigation and an investigation by the SEC (collectively, the Government Investigations).
“As part of that scheme, beginning in approximately 2022, Cabanes, Saurabh Agarwal, Malhotra, Rupesh Agarwal and Co-Conspirator #1 agreed with each other and others to destroy and suppress documents and communications and provide false information to the United States government in connection with the Government Investigations,” it said.
Here is the complete report…