The US has increased the scope of its investigation against India’s Adani group. Basically, they will look into the behavior of the leader of the group, Gautam Adani, and at the same time, the US government will also look into whether the group has engaged in bribery. The news agency Reuters has reported this news, according to Bloomberg News.
The subject of the probe is whether any of the Adani group companies or employees of the group, including Gautam Adani, are involved in bribing government officials to get benefits from energy projects. Several sources directly involved in the matter have confirmed this, according to Bloomberg News.
The investigation is being conducted by the U.S. Attorney’s Office for the Eastern District of New York and the United States Department of Justice’s Fraud Division, the report said. They are also looking into the operations of Indian renewable energy company Azure Power Global.
However, Bloomberg was told by the Adani group, “There is no investigation against our chairman; we have no such news.”
Reuters contacted Adani Group, Azure Power, and the US Department of Justice for comment, but they did not immediately respond. In addition, they could not contact the New York attorney’s office.
In January 2023, US short seller Hindenburg Research accused India’s Adani Group of stock fraud. In that incident, the Adani group got into a big problem. Then the market capitalization of the Adani Group fell by more than 10 trillion dollars. Before the publication of that report, Gautam Adani was one of the top five richest people in the world, but then he dropped to 20th.
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