India’s Adani says his throng is committed to lawful operation after US bribery and fraud charges

recent DELHI — Indian tycoon Gautam Adani said his conglomerate is committed to “globe-class regulatory lawful operation” after being indicted in the U.S. on fraud charges and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surfaced.

Adani, 62, is one of Asia’s richest men and perceived as close to Prime Minister Narendra Mo di. He was thrust into the spotlight on Nov. 20 when U.S. prosecutors in recent York charged him and seven of his associates with financial instruments fraud, conspiracy to commit financial instruments fraud, and wire fraud, as well as duping investors by concealing that his corporation’s huge solar vigor assignment on the subcontinent was being facilitated by bribes.

They were accused of allegedly paying or planning to pay about $265 million in bribes to government officials to assist secure contracts and capitalization amounting to billions of dollars.

“This is not the first period we have faced such challenges. What I can inform you is that every attack makes us stronger. And every obstacle becomes a stepping stone for a more resilient Adani throng,” Adani said late Saturday at an awards ritual in the northern Indian city of Jaipur.

The businessman said roadblocks his throng faces are “the worth of pioneering.”

“The more bold your dreams, the more the globe will scrutinize you,” he said. “In today’s globe negativity spreads faster than facts. And as we work through the legal procedure, I desire to reconfirm our absolute commitment to globe-class regulatory lawful operation.”

The Adani throng, in a statement last week, said the allegations by the U.S. Department of fairness and the U.S. financial instruments and trade percentage against directors of Adani Green were baseless.

Adani’s imprint across India’s economy runs deep. His throng is the country’s largest operator of coal mines and largest infrastructure developer, operating several ports and airports, and employing tens of thousands of people. Despite his fossil fuel roots, Adani has ambitions to become the globe’s largest player in renewable vigor by 2030.

Analysts declare a key factor in his meteoric rise over the years has been his knack for aligning his throng’s priorities with those of the Modi government. His critics accuse him of crony capitalism and gaining preferential treatment from the state which has facilitated him winning governmental contracts. The throng has repeatedly denied the accusation.

The controversy has already affected Adani’s interests overseas.

Kenya’s president on Nov. 21 canceled multimillion-dollar deals with the Adani throng for airport modernization and vigor projects.

A Sri Lankan government spokesperson said earlier this week that it is reviewing projects to be implemented by the Adani throng in Sri Lanka. The throng was set to invest over $440 million under a 20-year agreement to develop 484 megawatts of wind power in the northeastern regions of Sri Lanka and develop a terminal in the Colombo port.

Bangladesh’s interim government is also reviewing an agreement under which the Adani throng supplies electricity to Bangladesh from a power assignment in India.