Senior advocate and former attorney general (AG) Mukul Rohatgi on Wednesday addressed the media to clarify allegations against Adani Group chairman Gautam Adani, his nephew Sagar Adani, and others, stemming from a criminal indictment and civil complaint by US prosecutors and regulators. Underlining that he was expressing his personal views, Rohatgi asserted that neither Gautam Adani nor Sagar Adani has been named in charges related to bribery or obstruction of justice under the US Foreign Corrupt Practices Act (FCPA).
“Count 1 and Count 5 of the US indictment, which relate to conspiracy to violate the FCPA and obstruction of justice, respectively, do not name Gautam Adani or his nephew [Sagar Adani]. Some other individuals, including a foreign party, have been named. Whether they are related to Adani or not, they will respond. But I wanted to clear the air that Adanis have not been named in the counts related to the violation of FCPA and obstruction of justice,” he said.
The controversy arises amid a criminal indictment filed by the US Department of Justice (DoJ) and a civil complaint by the Securities and Exchange Commission (SEC) in the United States District Court for the Eastern District of New York against the Adani Group chairman and seven executives of his vast conglomerate.
Rohatgi, who also acknowledged that he has appeared for the Adani Group in some cases, noted that the charges relating to violation of FCPA and obstruction of justices are more serious charges than the other charges relating to security fraud and wire fraud, for which Adanis have been indicted.
The former AG lamented that the indictment does not detail specific instances of bribery, such as identifying individuals allegedly bribed or the manner of such acts. “When you indict someone, you need to be specific. Here, I see no details of who was bribed, how, or from which department,” Rohatgi said.
He acknowledged that Gautam Adani, Sagar Adani, and others named in the indictment will respond appropriately, possibly consulting international legal experts. However, Rohatgi underscored that these were his personal views, separate from the Adani Group’s stance.
“Adanis will respond to this charge sheet in the manner they desire. They will also respond to the stock exchange in the manner they desire. I have not seen or vetted any of these communications. These are my personal views that I have mentioned,” he said.
Meanwhile, Adani Green Energy Ltd. (AGEL) on Wednesday morning filed an official response to stock exchanges under SEBI regulations, refuting media reports suggesting bribery charges against Gautam Adani and Sagar Adani. AGEL’s statement clarified that the Adanis are not charged under the FCPA.
The filing highlighted inaccuracies in several media reports, including claims that the Adanis were charged with FCPA violations. It specified that Gautam Adani, Sagar Adani, and director Vneet Jaain face allegations of securities fraud conspiracy, wire fraud conspiracy and securities fraud. The company asserted that these charges do not involve violations of FCPA and reiterated that its directors would respond as required under legal frameworks.
While the allegations against the Adani Group have sparked global attention, the clarification from Rohatgi and AGEL seeks to mitigate reputational and financial damage. The group, which spans sectors from energy to infrastructure, has previously faced scrutiny following a report by Hindenburg Research alleging stock manipulation and accounting fraud. The latest allegations are likely to reignite debates over the conglomerate’s governance practices and international compliance.
Adani, 62, along with seven executives, including his nephew Sagar Adani, was indicted in a New York court for allegedly orchestrating a $265 million bribery scheme. US prosecutors allege that the bribes were paid to secure lucrative solar energy contracts in India, expected to generate $2 billion in profits over two decades.
Separately, the SEC charged the Adani Group and Azure Power Global executive Cyril Cabanes with securities fraud, accusing them of issuing false statements to secure $2 billion in loans and bonds. The US Attorney’s Office unveiled these charges last week, highlighting a conspiracy to defraud US investors by raising capital on false premises.
The Adani Group has denied all allegations, describing them as “baseless”.
The fresh controversy erupted amid SEBI’s ongoing investigation into allegations of stock manipulation and market irregularities by the Adani Group, initially flagged in the Hindenburg Research report of January 2023. The report accused the group of “brazen accounting fraud” and “stock manipulation,” triggering a $140 billion rout in Adani stocks and the cancellation of a planned ₹20,000 crore share sale.
The Adani Group had rejected the report as “unresearched” and “maliciously mischievous.