The embattled Adani Group has denied the recent bribery and fraud allegations made by the US Department of Justice (DOJ) and the US Securities and Exchange Commission.

In a media statement released on Thursday, the Indian conglomerate asserted that the charges against its executives, including Gautam Adani and his nephew Sagar Adani, are baseless.

The company insisted on its commitment to the highest standards of governance and regulatory compliance.

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the statement read.

"As stated by the US Department of Justice itself, 'the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.'"

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The Adani Group also reaffirmed its adherence to the law: "We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."

This response follows the indictment of Adani and seven other executives, who were charged with allegedly participating in a multi-billion-dollar bribery and fraud scheme to secure solar energy contracts in India.

According to the DOJ, the group promised over $250 million in bribes to Indian government officials, aiming to raise more than $2 billion in profits from the contracts over a 20-year period.

The allegations, which span from 2020 to 2024, have had an immediate impact on the Adani Group’s market value with observers keeping a keen eye to see how the company handles the scandal.

Shares in its listed companies plunged by as much as 20 per cent on Thursday, wiping out nearly $30 billion in market capitalisation.

The charges come more than a year after a US short-seller accused the Adani Group of stock manipulation and accounting fraud, further complicating the conglomerate’s reputation.

The political ramifications in India have been significant, with the opposition Indian National Congress renewing calls for a parliamentary investigation into Adani’s business dealings.

The DOJ’s indictment also details that Adani personally met with an Indian government official to advance the alleged bribery scheme.

Prosecutors claim that the executives frequently discussed the bribery plot, with evidence found on several phones.

Deputy Assistant Attorney General Lisa Miller stated, “This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice.” 

She added that these offences were allegedly committed to secure massive state energy supply contracts through fraud and corruption, to the detriment of US investors.

Despite the serious nature of the charges, the Adani Group remains resolute in its defence, vowing to seek all possible legal recourse in response to the indictment.

The unfolding case is set to have major legal, financial, and political repercussions, with Adani’s business empire and its leadership facing intense scrutiny.

This also comes amid a widespread pushback in Kenya against the Adani Group's declared interests in the energy sector through Kenya Electricity Transmission Company (KETRACO) and in running the Jomo Kenyatta International Airport (JKIA) for 30 years.