Gautam Adani, Chairman of the Adani Group, addressed recent allegations of fraud levied against him by the U.S. Department of Justice, asserting that his company is committed to compliance and that any attack only strengthens the group. Speaking at the 51st Gems and Jewellery Award in Jaipur on Saturday, Adani responded to the accusations, which had surfaced less than two weeks prior, surrounding his company’s practices at Adani Green Energy. He emphasized that this was not the first time the group had faced challenges and reiterated that every obstacle serves as a stepping stone to building a more resilient Adani Group.

The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) had filed charges against Gautam Adani, his nephew Sagar Adani, and Vneet Jaain, key executives of Adani Green Energy Ltd. (AGEL), in a New York District Court. The allegations involve securities fraud, wire fraud, and violations of SEC regulations, including claims that AGEL had made false and misleading statements in its bond offering documents, particularly regarding its anti-bribery and anti-corruption practices.

Despite the seriousness of the charges, the Adani Group has strongly denied any wrongdoing, calling the allegations “baseless” and stating their intention to pursue legal recourse to clear their name. Adani pointed out that, despite the negative publicity, no member of the Adani Group has been charged with any crime related to obstruction of justice or any conspiracy.

"Despite extensive media coverage, no one from Adani's side has been charged with any violation," Adani said, adding, "Negativity spreads faster than facts in today’s world." He reassured the audience of the company’s commitment to compliance and reaffirmed that his experience with such challenges had only strengthened his resolve.

Adani acknowledged that overcoming such obstacles is part of pioneering efforts and that larger, bolder dreams often invite greater scrutiny. "The more bold your dreams, the more the world scrutinises," he remarked. "But in that scrutiny, you must find the courage to challenge the status quo."

The U.S. prosecutors allege that Gautam Adani, Sagar Adani, and others conspired to pay bribes totaling $265 million to Indian officials, in order to secure contracts worth $2 billion over two decades. The indictment claims the executives knowingly offered bribes to gain business advantages. Adani and his nephew face charges of securities fraud, conspiracy, and wire fraud, and arrest warrants have been issued against them. These charges specifically relate to bribery directed at officials in multiple Indian states, including Andhra Pradesh, Odisha, Tamil Nadu, Chhattisgarh, and Jammu and Kashmir, between 2021 and 2023.

In response to the allegations, the ruling BJP party, which has been accused by the opposition of shielding Adani, pointed out that the states mentioned in the U.S. indictment are governed by opposition parties. The BJP added that the Adani Group would defend itself in court, while the legal process continues.

The Adani Group remains firm in its stance that these accusations are unfounded and has pledged to address the matter through legal channels.