The United States has expanded its inquiry into India's Adani Group, focusing on its founder Gautam Adani, amid allegations of bribery, according to a Bloomberg News report on Friday.
Citing sources familiar with the matter, the report reveals that prosecutors are probing whether an Adani entity or individuals associated with the conglomerate, including Gautam Adani himself, engaged in payments to Indian officials to secure favorable treatment for an energy project.
The investigation, led by the US Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, has also broadened to include scrutiny of Indian renewable energy firm Azure Power Global.
In response to queries from Bloomberg News, the Adani Group stated, “We are not aware of any investigation against our chairman.”
Neither Adani Group, Azure Power, nor the Department of Justice (DOJ) immediately responded to Reuters' requests for comment. Efforts to reach the Attorney’s Office for the Eastern District of New York were also unsuccessful at the time of reporting.
Last year, Adani Group's stocks and bonds faced a significant sell-off following allegations raised by US short-seller Hindenburg Research. The report accused the conglomerate of improper governance practices, stock manipulation, and the utilization of tax havens. Adani Group vehemently refuted these claims.
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