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US investigates Adani and Cos for alleged bribery: Report

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<p>According to people with firsthand knowledge of the situation, US authorities have expanded their investigation into the Adani Group to include examining the company’s potential for bribery as well as the actions of its wealthy founder.</p>
<p><img decoding=”async” class=”alignnone wp-image-514506″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-us-investigates-adani-and-cos-for-alleged-bribery-report-108533151.jpg” alt=”theindiaprint.com us investigates adani and cos for alleged bribery report 108533151″ width=”1202″ height=”631″ title=”US investigates Adani and Cos for alleged bribery: Report 6″></p>
<p>According to those speaking about the classified investigation who requested not to be named, investigators are looking into whether an Adani corporation or individuals connected to the company, including Gautam Adani, were engaged in bribing Indian authorities for preferential treatment on an energy project.</p>
<p>According to persons acquainted with the situation, the US attorney’s office for the eastern district of New York and the Justice Department’s fraud branch in Washington are in charge of the investigation, which also involves the renewable energy business Azure Power Global.<br />
Adani Group sent a statement via email, saying, “We are not aware of any investigation against our chairman.” “As a business group that operates with the highest standards of governance, we are subject to and fully compliant with anti-corruption and anti-bribery laws in India and other countries.”<br />
The Justice Department’s Washington and Brooklyn representatives did not want to comment. Requests for comments from Azure were not answered. The Justice Department has not brought any charges against Gautam Adani, his business, or Azure, and prosecutions are not necessarily the result of investigations.<br />
According to US law, charges of overseas corruption may be investigated by federal prosecutors if they have any connection to US markets or investors.<br />
Early in the new year, allegations of accounting fraud and stock price manipulation by short-seller Hindenburg Research shook Adani’s vast business. The shares have mostly recovered from their initial decline, and the group has vehemently refuted such accusations.<br />
Nevertheless, the report spurred the Securities and Exchange Commission and the Justice Department to investigate some of the allegations. The individuals claim that the Adani investigation is now in a sophisticated phase. The DOJ is not required to inform the parties in order to proceed with its investigations. Due to late registrations, Azure was delisted from the NYSE late last year and has been coping with the aftermath of whistleblower charges of illegal payments.</p>


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