According to a story by Bloomberg News on Friday, the US has expanded its probe into the Adani Group of India to include the behaviour of its founder, Gautam Adani, and the possibility that the business participated in bribery.
According to a report that cited people with direct knowledge of the situation, prosecutors are investigating whether an Adani entity or individuals connected to the business, including Gautam Adani, were involved in bribing Indian officials for preferential treatment on an energy project.
The investigation is being handled by the US Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit in Washington. The report also stated that Azure Power Global, an Indian renewable energy company, is being examined.
Adani Group told Bloomberg News, “We are not aware of any investigation against our chairman.”
Requests for comments from Reuters were not immediately answered by the DOJ, Azure Power, or Adani Group. It was not possible to get in touch with the Eastern District of New York Attorney’s Office right away.
Early in the year of last year, the Adani Group’s bonds and stocks saw a massive selloff following the release of a report by US short-seller Hindenburg Research, which accused the company of using tax havens, manipulating stocks, and engaging in improper governance practices. These accusations have been refuted by the Indian company.
