Serious allegations have been made against Adani Group Chairman Gautam Adani in America. These allegations are related to defrauding the investors of his company. He has been accused of paying bribe of 256 million dollars i.e. approximately Rs 2236 crores and hiding it to get the contract for his company in America. This entire matter is said to be related to Adani Group company Adani Green Energy Limited and another firm. Let us tell you the whole matter in detail. After all, in what connection are there allegations of fraud and what else?
The US Securities and Exchange Commission (SEC) on Wednesday also filed charges against Gautam Adani's nephew Sagar Adani, officials of Adani Green Energy Limited and an executive of another firm Azure Power Global Limited in this case. Gautam Adani and his nephew Sagar, along with seven other defendants, are accused of paying approximately $265 million in bribes to Indian government officials to get contracts for their renewable energy company and develop India's largest solar power plant project, reports said. But agreed.
Actually, the United States Attorney's Office is America's law enforcement agency. According to this, Adani wanted a contract from the Government of India for his solar energy project in India between 2020 and 2024. For which Adani said to pay a bribe of 265 million dollars to Indian officials. Adani expected profits of more than $2 billion from this project in 20 years. It is alleged that Adani lied to American foreign investors and banks to raise this money and took $175 million from them. According to the allegations, this money was used for bribe. Prosecutors have also alleged that former Adani Green Energy CEO Vineet Jain raised more than $3 billion in loans and bonds by hiding his corruption from lenders and investors. Let us also tell you that Vineet was posted as the CEO of this company between 2020 and 2023. Now the Supreme Court of America has issued an arrest warrant against Gautam Adani and his nephew Sagar Adani on this matter.
What are the allegations?
Now let us tell you in simple points what the whole matter is.
- Officials were promised a bribe of Rs 250 million for contracts from the Indian government.
- It has also come to light that Adani met an Indian government official to expand the scheme.
- Four more people associated with the Adani Solar Energy Project have also been charged, namely Cyril Cabinets, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal.
- These four had conspired to stop the grand jury, FBI and US Securities and Exchange Commission (SEC) investigation into the bribery scheme.
- Adani Green Energy had collected a total of $3 billion from American investors and international lenders to fund the contract.
Now, even though the allegations against Adani came to light on Wednesday, two days before this, on November 18, there was a decline in the shares of Adani Energy. Because as soon as this news has come out, everyone's eyes are on Adani shares. Shares of Adani Energy Solutions also closed with a decline of 1.33% on Monday. At the same time, Adani Green Energy shares have seen a decline of 2.33 percent. Now as soon as the market opened on the morning of 21st November, all the stocks of the group crashed. Lower circuit occurred in most of the shares.
Has Adani been involved in any case before this also?
Earlier, serious allegations were made against Adani in January 2023 when the Flagship Company Adani Enterprise had talked about bringing a follow-on public offer of Rs 20,000 crore. This offer was to open on January 27, 2023, but just before that, on January 24, 2023, American short selling company Hindenburg Research released a report. In which allegations ranging from money laundering to share manipulation were leveled against Adani Group. As of January 25, the group's share market value declined by about ₹1 lakh crore. However, Adani had still denied allegations of any wrongdoing and had also canceled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a committee of six members to investigate the case and SEBI also investigated the case and the verdict was given in favor of Adani.
Read this also : Bribery allegations against Gautam Adani in America turned out to be false
Read this also : Gautam Adani's journey to become one of the richest people of the country, how Adani grew his business
By Anil Paal
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