Seven people, including Gautam Adani and his nephew Sagar Adani, were accused of bribery in America. Due to these allegations in America, Adani Group has suffered losses worth billions. There was a lot of uproar in the Lok Sabha also over the issue of bribery. Due to these allegations, there was a stir in the stock market also.
Company Statement
Now a statement has come from Green Energy Limited. The company's statement said that Gautam Adani, his nephew Sagar Adani and the company's senior officer Vineet Jain have not been accused of violating the Foreign Corrupt Practices Act (FCPA) in the US. The company termed as false all the reports published by the media in which Gautam Adani and Sagar Adani were accused of paying bribes under the Foreign Corrupt Practices Act in America. This information has been given to the stock exchange by Adani Green Energy Limited.
Adani Green Limited also said in the statement that in the US Justice Department's indictment, only officials of Azor Power and a Canadian private equity firm CDPQ have been accused of bribery. Ranjit Gupta, Siral Cabinet, Saurav Aggarwal, Deepak Malhotra and Rupesh Aggarwal have been charged with conspiracy to violate the FCPA. In the statement issued by the company, it was informed that Gautam Adani and his associates have not been implicated in the charges of obstruction of justice. Siral Cabinet, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal have been named in the conspiracy to obstruct justice.
Allegations Against Adani
The criminal indictment lists three charges against Gautam Adani, Sagar Adani and Vineet Jain. The first allegation is related to alleged securities fraud, the second is alleged conspiracy to commit wire fraud and the third allegation is related to securities fraud.
Let us tell you that Y fraud is such financial fraud in which electronic communication has been used. In this case, senior advocate and former Attorney General Mukul Rohatgi also said that Gautam Adani and his nephew have not been accused of violation under the US Foreign Corrupt Practices Act in the alleged bribery. Briefing the media, Rohatgi said that the allegations mentioned that Adani paid huge bribes in India for contracts related to solar energy, but it did not mention what kind of bribe was given to him. Mukul Rohatgi further said that there are five charges in this indictment but another five charges or sections are more important than the others. Gautam Adani and his nephew have not been charged under the FCPA. After the statement from Adani Green Energy, there was a huge jump in the shares of Adani group companies on Wednesday.
Let us tell you that Adani Group is facing a lot of difficulties after the allegations of bribery against Gautam Adani in America. In America, several allegations of fraud have been made against Gautam Adani and his nephew Sagar Adani along with seven other people. American officials say that Gautam Adani and these people have given approximately Rs 22240 crore to Indian government officials and it is alleged that this bribe was given so that they could get contracts for solar energy projects from power distribution companies in different states of India. So to receive. This bribe was given between 2020 and 2024. It has been told that by winning this energy contract, Adani Group was expected to earn a profit of about 2 billion dollars i.e. Rs 17000 crore in the next 20 years.
Even in the beginning of the year 2023, shares of Adani Group had fallen badly after the report of American short seller Hindon Berg Research. Hindon Berg had made 88 allegations against the Adani Group, including stock manipulation and irregularities in the books of accounts.
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By Anil Paal
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