Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.

Media articles stating that our directors Gautam Adani, Sagar Adani, and Vneet Jaain have been charged with violations of the US Foreign Corrupt Practices Act (FCPA) are incorrect,” AGEL said

Adani Green Energy Ltd (AGEL) said in a statement today that the DoJ indictment does not include these executives in any bribery or corruption counts.

Gautam Adani faces a criminal charge of foreign bribery, independent of the three existing charges against him; and to remove and replace language describing the three charges and their potential penalties in paragraph 20) Gautam Adani,

Gautam Adani and seven others are accused of bribing Indian officials with USD 265 million to secure solar energy contracts.

The Adani Green Energy on Wednesday issued clarification saying its founder Gautam Adani, Sagar Adani and senior executive Vneet Jaain are clear of all bribery charges as per the US Department of Justice.

Indian billionaire Gautam Adani has been charged in the United States for alleged securities law violations and faces potential fines but has not been charged under the U.S. Foreign Corrupt Practices Act,