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Indian billionaire Gautam Adani has just come out of the Hindenburg allegation when another allegation has come from America. His company Adani Green Energy has faced serious allegations of manipulation in getting a solar project in America.
Indian billionaire and Adani Group Chairman Gautam Adani has received a big blow from America. Adani, who has a vast empire ranging from ports to airports, home kitchens to the energy sector, has been accused of defrauding investors in the US and paying hundreds of crores of rupees in bribes to Indian officials to get solar power contracts. has been applied. The entire matter is related to Adani Green Energy and other companies Azure Power. Let us know every information related to this matter…
What is the allegation against Gautam Adani?
First of all, let us talk about the allegations against Gautam Adani and his company in America. So let us tell you that Gautam Adani is accused of giving a bribe of 265 million dollars (about Rs 2236 crore) to his company Adani Green Energy Limited in America to get a contract related to a solar energy project and giving it to an American. Transferred. , There is an allegation of hiding it from banks and investors. US prosecutors have claimed that other senior executives of the company agreed to make these payments to Indian officials to secure the contract.
According to a New York Times report, Adani Green Energy misled international investors and American banks, including the US, by offering bonds in 2021 on the basis of false statements and raised money from them. American lawyer Brian Pease says that a big plan was made to bribe government officials in India to get contracts worth billions of dollars. It is also being said that Gautam Adani has reportedly personally met government officials in this regard.
2020-24 was rigged!
It has been claimed that between 2020 and 2024, Adani Green and Azure Power Global bribed Indian officials through wrong channels to get this solar project. This contract was estimated to yield profits of over two billion dollars over 20 years, and loans and bonds were raised under false pretenses to take advantage of it. Attorney Brian Peace says there was a secret scheme to bribe Indian government officials to secure billion-dollar contracts and everyone was kept in the dark about it.
Who is being investigated?
Apart from Gautam Adani, the Securities and Exchange Commission (SEC) in the US on Wednesday indicted seven people in the case, including his nephew Sagar Adani, Vineet Jain as well as Azure Power CEO Ranjit Gupta and company advisor Rupesh Aggarwal. were also included. It has been claimed that he agreed to pay bribes of approximately $265 million to Indian government officials to secure contracts for his renewable energy company and develop India’s largest solar power plant project.
US officials are investigating whether the Adani Group attempted to pay bribes for its own benefit and whether it made improper payments to Indian government officials to win energy contracts. According to a report, after the hearing in this case in the American court, an arrest warrant has been issued against Gautam Adani and his nephew.
Adani is surrounded by which project?
Now let’s talk about which project is this which is creating trouble for Gautam Adani and where is it from? According to US prosecutors, Gautam Adani’s company won the contract to supply 12 gigawatts of solar power to state-owned Solar Energy Corporation of India (SECI). However, SECI could not find buyers to buy solar power in India and the deal could not go ahead without buyers. In such a situation, Adani Green Energy and Azure Power planned to bribe government officials. According to the report, a large part of it was given to Andhra Pradesh officials.
US prosecutors also said that code names were used to conceal their involvement throughout the manipulation. For example, Gautam Adani was called ‘Numero Uno’ or ‘The Big Man’. All communications related to the case were made through encrypted messaging. The two companies have reportedly raised more than $175 million from US banks and investors.
Adani Green has issued a statement saying this
Now Adani Group’s statement has also come in this whole matter. It said the U.S. Department of Justice and the SEC have filed charges against our board members Gautam Adani and Sagar Adani in the U.S. District Court for the Eastern District of New York against member Vineet Jain. In view of this, our subsidiaries have decided not to proceed with the proposed USD denominated bond offering for the time being. According to Bloomberg, after the US allegations, Adani group companies have canceled bonds worth $ 600 million.
Political battle has started once again regarding Adani
Industrialist Gautam Adani is surrounded by fraud and bribery allegations in the US, which has created a political uproar in India, with Congress General Secretary Jairam Ramesh saying that the US Attorney’s Office is seeking to file serious charges against Gautam Adani and others associated with him. Is of. Justified. Congress has demanded a Joint Parliamentary Committee (JPC) to investigate various scams from January 2023.
At the same time, while hitting back at Congress, BJP leader Amit Malviya said that one should read before making allegations. There is no need to express unnecessary anger. In this regard, in a post on social media, he said that the document you have cited states that there are allegations and the accused are considered innocent until proven guilty.
Amit Malviya has written in his post that SDC is not ready to buy electricity due to it being expensive. So Adani (along with US company Azure Power) has sanctioned US$265 million between July 2021 and February 2022 to SDCs based in Odisha (then BJD ruled), Tamil Nadu (DMK), Chhattisgarh (then Congress) and Andhra Pradesh (then YSRCP). Paid. , All the states mentioned here were opposition ruled at that time. Therefore, answer the bribe taken by Congress and its allies before the election campaign.
Hindenburg effect observed
In early 2023, American short-seller firm Hindenburg also released its research report and made several serious allegations of stock manipulation and debt on Adani Group. After its launch, there was a tsunami in the shares of Adani Group and the group suffered a loss of 150 billion dollars. A similar situation was seen in Adani’s shares in the market on Thursday. Shares of Adani Green and Adani Energy Solutions fell by more than 20 per cent, while other shares listed on the stock exchange also saw heavy decline.