The Adani Group on Thursday issued an official statement, rejecting the charges brought against its executives by the US authorities. The conglomerate described the allegations of a $250 million bribery scheme involving Indian government officials as "baseless" and emphasised its commitment to pursuing all legal remedies."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." All possible legal recourse will be sought," the company said in its official statement.Adani Group further said that it has "always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance.""We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the statement read.Read More: Gautam Adani bribery, fraud case: All you need to know about it The charges, filed by US prosecutors and the Securities and Exchange Commission (SEC), accuse Gautam Adani, chairman of the Adani Group, his nephew Sagar Adani, and former Adani Green Energy CEO Vneet Jaain of orchestrating a scheme from 2020 to 2024 to secure favorable terms for solar energy contracts. The alleged bribes aimed to secure contracts expected to generate $2 billion in profits. Details of the Allegations According to US authorities, the alleged bribery scheme involved the concealment of critical information from US investors and financial institutions. The Adani Group reportedly raised billions of dollars for its renewable energy projects during the period under scrutiny.Read More: Gautam Adani's wealth plummets by over $12.4 billion: Hindenburg déjà vu on the anvil? The SEC's civil charges include securities fraud and wire fraud conspiracy, while the criminal charges filed by the US Attorney's Office for the Eastern District of New York extend to violations of the Foreign Corrupt Practices Act. The charges implicate not only Adani and his associates but also executives of Azure Power Global and three former employees of a Canadian pension fund, CDPQ, which holds stakes in Adani companies.The indictment emerges as a significant setback for the Adani Group, which had recently stabilised its financial standing following allegations made by Hindenburg Research in 2023. The Hindenburg report accused the conglomerate of stock manipulation and accounting fraud, causing a temporary $150 billion loss in market value across Adani companies. Although the Adani Group denied the Hindenburg allegations and recovered a substantial portion of its market capitalization, the fresh charges risk reigniting concerns over corporate governance and investor confidence. Legal and financial ramifications The SEC's complaint seeks permanent injunctions, civil penalties, and bars on Adani executives from holding officer or director positions in public companies. Simultaneously, the US criminal charges could result in extradition requests for the defendants, who primarily reside in India. CDPQ, a key investor in Adani companies, also faces scrutiny as its employees have been accused of obstructing investigations by deleting evidence and providing false information to US authorities.