The US Department of Justice has indicted Gautam Adani, the founder of Adani Group, his nephew Sagar Adani, and other senior Adani Green executives for allegedly bribing or offering bribes to the tune of $265 million to Indian state government officials to get them to sign solar power contracts, while raising money for the same projects in the US by promising that the company abided by anti-bribery laws. This constitutes fraud under US federal securities law and, if proven, may invite criminal liabilities.
Indictment filed by US DoJ against Adani & Co is damning. Indictment alleges Adani & Co used Solar Energy Corporation of India Ltd, a PSU under @mnreindia to force State Governments to purchase Solar Power from his company. Adani & Co allegedly bribed then Andhra Pradesh Govt officials with 1,750 crore in 2021 to sign agreement to purchase solar power from his company.
Against US allegation for bribery by Adani Group founder Gautam Adani and nephew Sagar Adani, Adani group has issued a media statement denying the charges , US allegations and called them to be baseless.
