The Indian industrial conglomerate Adani Group suffered losses of almost 55 billion. USD after corruption charges were brought against its leadership in the US, the group said in a statement. “Since the US Department of Justice's allegations became known, the market capitalization of the 11 companies included in the group has fallen by almost $55 billion. USD“, the statement said.
Earlier in November, the US Attorney for the Eastern District of New York filed fraud and bribery charges against executives of seven Adani Group companies. According to the statement, the defendants “organized an elaborate scheme to bribe Indian officials to obtain contracts worth billions of dollars” and also “lied about their corrupt scheme in an attempt to attract capital from US and international investors”. The defendants are said to have paid over 250 million. USD from 2020 by 2024 to secure major solar contracts. At the same time, they used funds from American investors.
Adani Group has dismissed these allegations as baseless. According to the conglomerate, company executives are only named in items related to the alleged securities fraud. The statement also said the indictment contained no evidence of payment of bribes to Indian officials by Adani executives, only allegations that bribes were discussed or promised.
Adani Group is one of the largest business groups in India, influencing the political and economic life of the country. The conglomerate occupies a leading position in the energy, agriculture and defense industries of the South Asian republic, owning 14 of the largest private seaports in India, which account for 25% of the throughput of all Indian seaports, and 7 Indian airports.