Gautam Adani, his nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain also raised more than US$3 billion in loans and bonds by hiding corruption from lenders and investors, prosecutors said.
Adani Group said on Thursday the accusations made by the US Department of Justice and US Securities and Exchange Commission in a parallel civil case were “baseless and denied” and that it would seek “all possible legal recourse”.
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
“We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”
Kenya on Thursday cancelled a procurement process worth nearly US$2 billion that had been widely expected to award control of the country’s main airport to Adani Group.
Adani Group is a major corporate presence in its home market. Still, Citigroup analysts estimated Indian banks’ exposure to the group was less than 1 per cent of total loans for most lenders.
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