Sunday, February 16th, 2025

Gautam Adani accused of bribery in India, then how did the investigation start in America?


NBT News Desk: In America, 8 people including industrialist Gautam Adani, chairman of Adani Group, have been accused of fraud worth billions of rupees. The United States Attorney’s Office has accused Adani of paying bribes of $ 265 million (more than Rs 2200 crore) to Indian officials to get contracts related to solar energy in India. Let us understand what is the latest case of bribing government officials on Adani Group after the controversy that started with the report of Hindenburg Research last year.

What is the whole matter?

The US Attorney’s Office alleged that Adani has given bribes worth more than Rs 2100 crore to Indian authorities to get solar energy related projects and contracts for his/her company Adani Green Energy. he/she hid this from those American banks and investors from whom Adani Group had raised billions of dollars for this project.

US prosecutors claim that other senior officials of the company had agreed to pay money to Indian officials to get the contract. Apart from America, funds were raised from other international investors and American banks by offering bonds in the year 2021.

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Why the case in US?

The US Securities and Exchange Commission (SEC) said in a statement that as part of the alleged conspiracy, Adani Green raised more than $175 million from US investors and listed Azure Power’s shares on the New York Stock Exchange. Additionally, the U.S. Attorney’s Office for the Eastern District of New York has filed criminal charges against Adani, Sagar Adani, Cyril Cabanes and others associated with Adani Green and Azure Power.

US law allows it to pursue investigations into corruption allegations in foreign countries involving its investors or markets. Since the money of American investors was invested in the project and giving that money as bribe is a crime under American law, a case was registered in America.

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Which projects are causing the uproar?

According to US prosecutors, the founder and chairman of the energy company is Gautam Adani. Sagar Adani is the executive director of Adani Green Energy. Apart from this, Ranjit Gupta, former CEO of Azure Power, Rupesh Aggarwal, consultant at Azure Power are the US issuers. Adani Green Energy and the US issuer had won the contract to provide 12 GW of solar energy to the state-owned Solar Energy Corporation of India (SECI).

However, SECI could not find buyers in India to buy solar power. In such a situation, the deal could not proceed without buyers and both companies were at risk of huge losses. Meanwhile, Adani Group and Azure Power planned to bribe Indian government officials.

Andhra Pradesh officials got the major share of bribe?

According to the allegations, these people decided that it would be the responsibility of the government officials to convince the state power distribution companies to enter into power supply agreements with SECI. he/she promised to pay approximately $265 million in bribes to Indian officials, a large portion of which was paid to officials in Andhra Pradesh.

After this some state power companies agreed and entered into an agreement with SECI to purchase solar power from both the companies. The Indian energy company and the American issuer jointly paid the bribe. Not only this, code names were used to hide their involvement.

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These people have been accused

According to the US Attorney’s Office (New York), those who have been accused in the bribery and fraud case include Gautam S. Adani, Sagar S. Adani, Vineet S. Jain, Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, Rupesh Agarwal.

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