Generating safety-critical scenarios in high-fidelity simulations offers a promising and cost-effective approach for efficient testing of autonomous vehicles. Existing methods typically rely on manipulating a single vehicle's trajectory through sophisticated designed objectives to induce adversarial interactions, often at the cost of realism and scalability. In this work, we propose the Risk-Adjustable Driving Environment (RADE), a simulation framework that generates statistically realistic and risk-adjustable traffic scenes. Built upon a multi-agent diffusion architecture, RADE jointly models the behavior of all agents in the environment and conditions their trajectories on a surrogate risk measure. Unlike traditional adversarial methods, RADE learns risk-conditioned behaviors directly from data, preserving naturalistic multi-agent interactions with controllable risk levels. To ensure physical plausibility, we incorporate a tokenized dynamics check module that efficiently filters generated trajectories using a motion vocabulary. We validate RADE on the real-world rounD dataset, demonstrating that it preserves statistical realism across varying risk levels and naturally increases the likelihood of safety-critical events as the desired risk level grows up. Our results highlight RADE's potential as a scalable and realistic tool for AV safety evaluation.