U.S. prosecutors have expanded their investigation into India's Adani Group, focusing on potential bribery and the actions of its billionaire founder, Gautam Adani. The probe, reported by Bloomberg, examines whether the conglomerate engaged in bribery. Adani Group's response to these allegations has been to deny any wrongdoing, labeling a U.S. investment research firm's earlier accusations of fraud and market manipulation as attempts to destabilize the company and defame the Indian government. Despite these denials, the news has negatively impacted Adani Group's financial standing, with several of its dollar bonds and shares experiencing significant declines, sending USD bonds to the lowest level in years (70-80c). This financial turmoil follows reports that the company and its affiliates have not received any formal notice from the Justice Department concerning the investigation. Meanwhile, JP Morgan has backed Adani, deeming it 'highly unlikely' that the company violated laws. Adani Green Energy, a subsidiary, acknowledged awareness of the U.S. probe into a third party but denied any direct involvement.