Gautam Adani’s first reaction to the US accusation: every attack makes us stronger and more resilient

Days after the US Department of Justice brought 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.

“Though we have had many successes, we have also had many challenges, but these challenges have not broken us. Rather, they have made us stronger. Our commitment to our principles remains strong,” Adani said while addressing the 51st edition of Gem & Jewellery. Awards in Jaipur on Saturday.

“One of the examples is very recent. We faced a series of accusations from the United States. What I can tell you is that each challenge has made us stronger and more resilient,” he added.

The Adani Group, one of the country’s largest conglomerates, faces serious corruption accusations as US prosecutors accused Gautam Adani and others of orchestrating a $265 million bribery scheme to secure state energy contracts. The Adani Group dismissed the allegations as “baseless”.

“What I can tell you is that the more it grows, the more it is scrutinized. But its success lies in that scrutiny. No one from the Adani Group has faced any charges from anyone under the Foreign Corrupt Practices Act (FCPA), but negativity spreads faster,” Adani said.

The allegations against the Adani Group have set off a political storm in India, with opposition leaders accusing Prime Minister Narendra Modi of protecting Adani. The dispute has also had a significant impact on financial markets, with Gautam Adani’s net worth falls by 12 billion dollars in a single day.

Meanwhile, the government said Friday that it has not received any requests from U.S. authorities about the arrest warrant issued against Gautam Adani on bribery charges.

In particular, US authorities, if they attempt to bring Adani to the US to face charges, are expected to invoke the India-US extradition treaty. Under the treaty, the United States must provide evidence linking the alleged actions to violations of U.S. law and demonstrate their jurisdictional impact.

THE ACCUSATIONS AGAINST GAUTAM ADANI AND OTHERS

US prosecutors alleged that Gautam Adani, his nephew Sagar and six others conspired to pay $265 million in bribes to Indian officials to secure contracts worth $2 billion in profits over 20 years. The indictment alleges that 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 United States for Adani and his nephew Sagar, and prosecutors plan to turn those warrants over to foreign authorities, court records show.

U.S. prosecutors alleged that bribes were sent to U.S. officials. Andhra Pradesh and other states, including Odisha, Tamil Nadu, Chhattisgarh and Jammu and Kashmir, between 2021 and 2023 to secure solar energy contracts.

Meanwhile, the BJP, accused by the opposition of protecting Adani, pointed out that the states mentioned in the US indictment were governed by opposition parties. The company will issue a statement and defend itself using its own means. The law will take its own course, the BJP said in a statement.