Gautam Adani responds to US fraud charges: Every attack makes us stronger

Days after the US Justice Department levelled corruption charges against him, billionaire Guatam Adani responded to the allegations for the first time, saying that such attacks only make him even stronger and more resilient.
“Although we have had many successes, we have had many challenges as well, but these challenges have not broken us. Instead, they have made us stronger. Our commitment to our principles remains strong,” Adani said while addressing the 51st Gem & Jewellery Awards in Jaipur on Saturday.
“One of the examples is a very recent one. We faced a set of allegations from the US. What I can tell you is that every challenge has made us stronger and more resilient,” he added.
The Adani Group, one of the nation’s largest conglomerates, is facing serious allegations of corruption as US prosecutors accused Gautam Adani and others of orchestrating a USD 265 million bribery scheme to secure state energy contracts. The Adani Group dismissed the charges as “baseless”.
“What I can tell you is that the more you grow, the more you are scrutinised. But your success lies in that scrutiny. No one from Adani Group has faced any accusation from anyone under the Foreign Corrupt Practices Act (FCPA), but negativity spreads faster,” Adani pointed out.
The allegations against the Adani Group have triggered a political storm in India, with opposition leaders accusing Prime Minister Narendra Modi of shielding Adani. The row has also had a significant impact on the financial markets, with Gautam Adani’s net worth falling by $12 billion in a single day.
Meanwhile, the government on Friday said that it has received no request from US authorities about the arrest warrant issued against Gautam Adani over bribery charges.
Notably, US authorities, if they seek to bring Adani to the US to face charges, are expected to invoke the India-US extradition treaty. Under the treaty, the US must provide evidence linking the alleged actions to violations of American law and demonstrate their jurisdictional impact.
US prosecutors alleged that Gautam Adani, his nephew Sagar, and six others conspired to pay USD 265 million in bribes to Indian officials to secure contracts worth USD 2 billion in profits over 20 years. The indictment claims Adani Green and Azure executives “knowingly” offered bribes to gain business advantages.
Gautam Adani and Sagar Adani face charges of securities fraud, conspiracy, and wire fraud. The US Securities and Exchange Commission has also filed a civil case against them. Arrest warrants have been issued in the US for Adani and his nephew Sagar and prosecutors plan to hand those warrants to foreign law enforcement, court records show.
US Prosecutors alleged bribes were directed at officials in Andhra Pradesh and other states, including Odisha, Tamil Nadu, Chhattisgarh, and Jammu and Kashmir, between 2021-2023 to secure solar power contracts.
Meanwhile, the BJP, who is accused by the Opposition of shielding Adani, pointed out that the states named in the US indictment were ruled by opposition parties. The company will issue a statement and defend itself on its own. Law will take its own course, the BJP had said in a statement.