Adani Group Chairman Gautam Adani was accused of bribery on November 20.
Adani Group has clarified that there are no allegations of bribery in America against Chairman Gautam Adani, his nephew Sagar Adani and senior executive Vineet Jain.
According to Adani Group, the reports in several media houses on bribery and corruption charges against Gautam Adani, Sagar Adani and Vineet Jain under the US Foreign Corrupt Practices Act (FCPA) are 'incorrect'. However, he faces cases related to securities and wire fraud in the US.
America Department of Justice has five cases The company said the US Department of Justice has five cases pending. In this, Gautam Adani, Sagar Adani or Vineet Jain have not been included in Count 1 and Count 5. Count one means 'conspiracy to violate the FCPA' and count five means 'conspiracy to obstruct justice.'
Count one of the indictment only names Azure Power's Ranjit Gupta, Cyril Cabens, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal. The statement said that under this, the Department of Justice has not named any official of Adani Group.
The statement further said, Adani Group officials have been charged only with Count 2: “Alleged Securities Fraud Conspiracy”, Count 3: “Alleged Wire Fraud Conspiracy”.
This case was registered in the Federal Court of New York on 24 October 2024.
In fact, on November 21, the United States Attorney's Office said that Adani had given or was planning to give a bribe of $ 265 million (about Rs 2200 crore) to Indian officials to get a contract related to solar energy in India. Were.
This entire matter is related to Adani Group company Adani Green Energy Limited and another firm. This case was registered in the Federal Court of New York on 24 October 2024. In its hearing on Wednesday i.e. November 20, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal have been made accused.
Reuters report said that arrest warrants have also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited.
In the picture, Gautam Adani (sitting on the chair, first from right) and Sagar Adani (standing behind, first from left).
understand, what is The whole matter of manipulation and bribery… According to the filing of the US Justice Department, Solar Energy Corporation of India i.e. SECI had taken out a contract for the supply of 12 GW of energy in the country. SECI is a renewable energy company of the Government of India, whose objective is to increase the use of solar energy in the country.
Between December 2019 and July 2020, Adani Green Energy Limited (AGEL) and a foreign firm won the contract. He was issued Letter of Award (LOA).
A problem arose here. SECI was not getting customers for the electricity purchased from AGEL and foreign firms. In such a situation, he is not able to buy electricity from AGEN and foreign firms. This would have caused losses to Adani's company and the foreign firm.
According to the charge sheet, Gautam Adani along with his nephew Sagar Adani, Vineet Jain and 7 people conspired to bribe the officials. So that state governments enter into power sale agreements with SECI and their solar power agreements find buyers.
According to the charge sheet, 'Gautam Adani met a senior official of Andhra Pradesh several times between 7 August 2021 and 20 November 2021. So that a solar power agreement is signed between Andhra Pradesh Electricity Distribution Company (APEPDCL) and SECI.
After this an agreement was signed between APEPDCL and SECI. AGEL and the foreign firm got the contract. After this, the State Electricity Distribution Board of Chhattisgarh, Tamil Nadu, Odisha, Jammu and Kashmir signed contracts for purchase of power.
Two official documents have been released in this entire matter…
1. Indictment filed by American Prosecutors in the Clerk Office of the Eastern District Court of New York. There is no mention of arrest warrant in this.
2. Press release issued from the US Attorney's Office for the Eastern District of New York. In this also there is no mention of arrest warrant against Gautam Adani.
At the same time, American news agency Reuters wrote in a report on November 21, 'According to court records, a judge has issued an arrest warrant for Gautam Adani and Sagar Adani. Prosecutors are preparing to hand over these warrants to foreign law enforcement.
Adani Group has declared all the allegations baseless
Adani Group has termed all the allegations as baseless. Issuing a statement on November 21, the group had said – 'The allegations made by the United States Department of Justice and the United States Securities and Exchange Commission against the directors of Adani Green Energy Limited are baseless. We refute them.
The US Justice Department itself said that right now these are just allegations. The accused are considered innocent until proven guilty.
Sagar Adani manages the energy business
Gautam Adani's nephew, Sagar holds a degree in Economics from Brown University US. Sagar joined Adani Group in 2015. Sagar manages the group's energy business and finance. He focuses on renewable energy business and plans to make the company the world's largest renewable energy producer by 2030.
Adani Green Energy has a clean energy portfolio of more than 20 GW.
Adani Green Energy Limited has a clean energy portfolio of more than 20 GW, which includes one of the world's largest solar power plants in the country's southern state of Tamil Nadu. Adani Group has set a target of becoming the country's largest company in this sector by 2030. The market cap of the company is Rs 1.85 lakh crore.
Graphics Source: VaskarAssets
