The US prosecutor has accused Indian industrialist Gautam Adani, his nephew Sagar Adani and other officials of paying bribes of $ 250 million, or about Rs 2110 crore, to Indian government officials for contracts related to solar energy. According to the allegations, the bribes were given to secure large solar power contracts between 2020 and 2024, which were expected to bring profits of more than $2 billion to the Adani Group.
What is the whole matter?
This corruption was allegedly hidden from American banks and investors, who were investing billions of dollars in the projects. US law allows foreign corruption cases to be pursued if they relate to US investors or markets. US Attorney for the Eastern District of New York Brian Peace described the case as an elaborate bribery scheme. Adani, his nephew and former Adani Green Energy CEO Vineet Jain have been charged with securities fraud, wire fraud and conspiracy.
In this case, three former employees of the Canadian pension fund CDPQ were also accused of obstructing the bribery investigation. CDPQ is a shareholder in Adani group companies. This matter can become another big challenge for the Adani Group. Earlier in January 2023, Hindenburg Research had accused the group of stock manipulation and accounting fraud, due to which there was a loss of $ 150 billion in the market value of Adani Group. However, the group has denied all the allegations and has compensated most of the losses.
Allegation of tracking on cellphone
Court documents revealed that Adani was referred to by code names such as Numero Uno and The Big Man during the bribery scheme. Also, his nephew Sagar Adani is accused of tracking bribe related information on the cellphone. The US Securities and Exchange Commission (SEC) has also filed civil cases against Adani Green Energy and Azure Power. These companies reportedly raised more than $175 million from American investors. Let us tell you that this scheme is related to one of the largest solar energy projects in the world. Now, Adani Group’s response on this matter is awaited.
