The US has widened its investigation into India’s Adani Group, focusing on the conduct of founder Gautam Adani and whether the company may have been involved in bribery. Bloomberg News reported Friday.
The report, citing people with direct knowledge of the matter, said prosecutors are investigating whether Adani’s entities or people associated with the company, including billionaire Gautam Adani, were being compensated for preferential treatment on energy projects. The company is investigating whether it was involved in paying funds to Indian officials.
The U.S. Attorney’s Office in the Eastern District of New York and the Justice Department’s Fraud Division in Washington are handling the investigation, which is also investigating Indian renewable energy company Azure Power Global, the report added.
Adani Group told Bloomberg News it was “not aware of any investigation against its chairman.”
Adani Group, Azure Power and the Justice Department did not immediately respond to Reuters’ requests for comment. The US Attorney’s Office for the Eastern District of New York could not immediately be reached.
Adani Group stocks and bonds fell sharply early last year after U.S. short-seller Hindenburg Research released a report alleging poor governance practices, stock price manipulation and use of tax havens by the group. .
The Indian company denied these allegations.
