Gautam Adani (File Photo: PTI)
When Hindenburg Research leveled allegations against Gautam Adani, there was a huge drop in the stock market. This time there are accusations against Adani from the United States. This time the accusation is bribery. That too is worth more than Rs 2,100 crore. After which a huge drop was again seen in the shares of Adani Group. The group’s market capitalization has seen a decline of over Rs 2.50 lakh crore. In such a situation, is it important to understand what the problem is? Apart from Adani Green Energy, which company is associated with this whole matter? What is the whole story behind this? After all, why has Adani been accused of paying bribes? Let’s try to understand it layer by layer…
What are the allegations against Gautam Adani?
The most important question is: what are the allegations against Gautam Adani and his company? According to media reports, Gautam Adani paid a bribe of over Rs 2.1 billion to Indian officials to secure solar energy-related projects and contracts for his company Adani Green Energy in the United States. Furthermore, Adani is also accused of hiding this fact from American banks and investors. U.S. prosecutors say other top company officials had agreed to pay money to Indian officials to get the contract.
According to the New York Times report, Adani Green Energy attempted to deceive by making false statements and raised funds from American and other international investors and from American banks by offering bonds in the year 2021. According to US Attorney Brian Peace, a grand scheme was made to bribing Indian government officials to obtain solar energy contracts. It was also stated in the media report that to win this multi-billion dollar game, Gautam Adani had allegedly personally met the government official in this matter.
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From when to when was the bribe delivered?
US prosecutors have claimed that the entire bribe-giving phase lasted about four years. According to the report, bribes were given to Indian officials through wrong routes to get the global solar projects of Adani Green and Azure Power between 2020 and 2024. The special thing is that thanks to the contract of this solar project, a profit was expected to be obtained of 2 billion dollars, that is, more than 16 billion rupees in the next twenty years. All of these profits were obtained through falsely claimed loans and bonds. According to American lawyer Brian Peace, a secret plan was hatched to bribe Indian government officials to get contracts worth billions of dollars and everyone was kept in the dark after that.
Who will be investigated?
According to media reports, the US Securities and Exchange Commission has investigated seven people in this matter, including Gautam Adani, his nephew Sagar Adani, American investor Vineet Jain, Azure Power CEO Ranjit Gupta, and the company’s advisor, Rupesh Aggarwal. . According to reports from the United States, Adani had agreed to pay a bribe of around $265 million to Indian government officials to secure the Green Energy contract and set up India’s largest solar power plant.
The US agency has begun investigating whether the Adani Group tried to bribe officials for its fire and whether it improperly paid money to officials to obtain the contract. According to the report, after the hearing of this case in the US court, arrest warrants were issued against Gautam Adani and his nephew.
What project did Adani want to do?
Now the most important question is why Gautam Adani project is in trouble? According to US prosecutors, Gautam Adani’s company recently won a contract to supply 12 gigawatts of solar power to the Solar Energy Corporation of India. SECI could not find buyers in India to purchase solar energy and without buyers this deal was not possible. In such a situation, Adani Green Energy and Azure Power prepared a plan to bribe government officials. According to the report, a portion has been handed over to Andhra Pradesh officials.
US prosecutors have claimed that the code was used to conceal their role in this entire case. Media reports said that Gautam Adani’s code name was ‘Numero Uno’ or ‘The Great Man’. To carry out this case, the entire conversation was carried out through encrypted messaging. What’s special is that these two companies reportedly raised more than $175 million from American banks and investors.
Big drop in Gautam Adani shares
There was a big drop in Adani Group shares on Thursday. Shares of Adani Energy and Adani Enterprises fell 20 percent. Shares in the group’s companies have fallen sharply after US prosecutors accused industrialist Gautam Adani of paying a $250 million bribe to Indian officials in exchange for favorable terms for securing solar energy contracts in India. On BSE, shares of the group’s flagship company Adani Enterprises fell 20 per cent, Adani Energy Solutions 20 per cent, Adani Green Energy 19.17 per cent, Adani Total Gas 18.14 per cent, Adani Power 17.79 percent and Adani Ports 15 percent. I. Apart from this, the shareholding of group company Ambuja Cements is 14.99 percent, ACC. Shares of NDTV fell by 14.54 per cent, NDTV by 14.37 per cent and Adani Wilmar by 10 per cent. Some group companies touched their lower limits for the day.
