Gautam Adani Breaks Silence on US Fraud Charges: ‘Every Attack Makes Us Stronger

Adani Group Chairman Gautam Adani said that his company was dedicated to compliance and that “every attack makes us stronger” in response to the indictment and new fraud claims made against him by the US Department of Justice on Saturday. “As the majority of you have read, we were confronted with a series of accusations from the United States about Adani Green Energy’s compliance procedures less than two weeks ago. We have encountered similar difficulties in the past. Speaking at the 51st Gems and Jewellery Award in Jaipur, the billionaire businessman stated, “What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group.”

Key officials of Adani Green Energy Ltd (AGEL), Gautam Adani, Sagar Adani, and Vneet Jaain, were the targets of an indictment and civil case brought by the Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) in the New York District Court. Allegations of wire fraud, securities fraud, and violations of SEC rules are the basis for the charges. According to these accusations, AGEL made materially false and misleading statements in its bond offering materials, especially about its anti-corruption and anti-bribery practices.

The Adani Group, however, denied the accusations, calling them “baseless,” and said that it will take legal action to protect itself. “The truth is that no one from Adani’s side has been accused of any violations or conspiring to obstruct justice, even if there has been a lot of biased reportage. However, negativity spreads more quickly than facts in today’s environment,” Gautam Adani stated during the event. Over the years, he has grown to recognize that the obstacles we encounter are the cost of being a trailblazer. “As we work through the legal process, I want to reconfirm our absolute commitment to compliance,” he stated. “The world scrutinizes you more if your dreams are more audacious. However, it is precisely during that examination that you need to summon the bravery to confront the current quo,” Adani stated.