Billionaire Gautam Adani and his nephew Sagar Adani have not been charged with violating the US Foreign Corrupt Practices Act (FCPA) in connection with a bribery case, the Adani Group clarified on Wednesday. In a statement filed with the stock exchange, Adani Green Energy Ltd dismissed media reports alleging such charges as incorrect, according to PTI reports.

The indictment filed by the US Department of Justice (DOJ) accuses Gautam Adani, Sagar Adani, and another executive, Vneet Jaain, of participating in an alleged scheme to pay $265 million in bribes to Indian officials. The bribes were reportedly aimed at securing contracts for the supply of solar electricity, which would allegedly generate $2 billion in profit over a 20-year period.