Adani Group Chief Financial Officer (CFO) Jugeshinder Singh on Saturday addressed the ongoing controversy surrounding allegations of fraud against the group, clarifying that the allegations pertain to a single contract involving Adani Green Energy, which represents approximately 10 per cent of the company’s overall business. 

In a post on X, Singh said none of the group’s 11 public companies or their subsidiaries are defendants in the case filed by the US Department of Justice (DoJ), nor are they accused of wrongdoing.

“@AdaniOnline has a portfolio of 11 public companies and none are subject to indictment (defendants in any legal proceedings in the recent #DOJ lawyer filings to a court in NYC). None of the issuers (companies in our portfolio or specific issuers that are subsidiaries of the public companies) are accused of any wrongdoing in the said legal filing,” he posted on X.

Jugeshinder Singh also mentioned that the Group had disclosed potential risks earlier in its February 2024 offering circular and that the allegations remain unproven.

“There is a lot of news and reports that will try to pick unrelated items and create a headline. My humble request is that we will respond in fullness of time once we review in detail the matter as presented in the legal filing,” Singh further stated.

“Please note that no court has ruled on this and as outlined by lawyers of #DOJ, these are “allegations and the accused have presumption of innocence”, he added.

The Adani Group CFO said that they “will make a more detailed comment once we get council approvals to discuss what we can in public on matters that is sub-judice”.

The Adani Group had earlier denied allegations made by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) against directors of its subsidiary company Adani Green, saying that all possible “legal recourse will be sought”.