(MENAFN) India's Adani Group has vehemently refuted claims of being under investigation by the United States Department of Justice (DOJ) regarding bribery allegations. The conglomerate, led by billionaire Gautam Adani, issued a statement rebutting reports suggesting a DOJ inquiry, asserting that it has not received any formal notice from the department. The denial comes in response to a Bloomberg article citing undisclosed sources, which alleged that United States prosecutors were expanding their investigation to scrutinize potential bribery activities within the Adani Group.
According to the Bloomberg report, the focus of the purported investigation is on determining whether the conglomerate engaged in bribery practices, particularly in relation to securing favorable treatment for an energy project in India. The article also raised concerns about the conduct of Gautam Adani himself, prompting a deeper examination into his involvement.
Additionally, the report suggested a parallel scrutiny of Indian renewable energy firm Azure Power Global Ltd, founded by Indian-American entrepreneur Inderpreet Wadhwa. Azure Power, which became the first Indian renewable energy company to list on the New York Stock Exchange in 2016, has reportedly come under the radar of United States investigators alongside the Adani Group.
The investigation is reportedly being spearheaded by the United States Attorney's Office for the Eastern District of New York and the Justice Department's fraud unit in Washington. Following the publication of the Bloomberg article, Adani Group-owned companies witnessed a substantial decline in their stock prices, experiencing their sharpest drop in over a year.
The Adani Group's swift denial of the allegations underscores its commitment to transparency and ethical business practices. However, the unfolding situation underscores the potential ramifications of such allegations on the conglomerate's reputation and financial standing, highlighting the importance of thorough investigations and due process in addressing concerns related to corporate conduct.
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