In view of the way eight people, including Adani Group Chairman industrialist Gautam Adani, have been accused of fraud worth billions of rupees in America, the world’s police station, the question arises that when allegations of bribery have been made in India, then how will the investigation be conducted in America? has it started? An even bigger question is why America and its people are wholeheartedly after Indian PM Narendra Modi’s favorite industrialist Adani? Is this being done at the instigation of any Indian industrialist or political party or is there some other diplomatic reason?
Because it cannot be considered a mere coincidence that after the controversy that started with the report of American Hindenburg Research last year in 2023, now the latest case of bribing government officials on Adani Group in the year 2024, is this just another case? The reason is that due to this, the share prices of Adani Group fall and the company has to suffer huge losses. Therefore, we should know what is this matter, why is it, how is it, for whom is it? And finally, what is the proper solution? Let us try to understand this whole thing in a systematic manner.
Also read: How did Adani get trapped as soon as Modi’s friend came to power in America? Understand the whole story of the arrest warrant in 5 points, what next?
Let us tell you that the United States Attorney Office has accused Adani of paying bribe of 265 million dollars (more than Rs 2200 crore) to Indian officials to get the contract related to solar energy in India, which is a serious matter. Because the US Attorney’s Office has alleged that Adani has given bribe of more than Rs 2100 crore to Indian authorities to get solar energy related projects and contracts for his company Adani Green Energy.
For example, Adani is accused of having met the then Chief Minister of Andhra Pradesh in 2021. After that the state government had agreed to purchase 7,000 MW power. Andhra officials were allegedly given bribes at the rate of Rs 25 lakh per MW. In addition, the US Securities and Exchange Commission also alleged violations of laws. The special thing is that he has hidden this from those American banks and investors from whom Adani Group had raised billions of dollars for this project.
Therefore, American prosecutors claim that other senior officials of the company had agreed to pay money to Indian officials to get the contract. Let us tell you that Adani Group has raised funds from US and other international investors and American banks by offering a bond in the year 2021. The US Securities and Exchange Commission (SEC) has said in a statement that as part of the alleged conspiracy, Adani Green raised more than $ 175 million from American investors and listed Azure Power’s shares on the New York Stock Exchange. Additionally, the U.S. Attorney’s Office for the Eastern District of New York has filed criminal charges against Adani, Sagar Adani, Cyril Cabanes and others associated with Adani Green and Azure Power.
At the same time, Adani Group has rejected the allegations of bribery and termed them baseless. He has said that the group has been following all the laws. He will use all legal options in this matter. A spokesperson for the group cited a statement from the US Department of Justice, which said this is a mere allegation against Adani and that the defendants are considered innocent until proven guilty. Therefore, the statement said that we assure that we are a law abiding organization. Adani Group Adani Green Energy Ltd. Bonds worth $600 million have been cancelled. It is noteworthy that Adani Green Energy has got contracts in many states including Gujarat, Madhya Pradesh, Rajasthan, Andhra Pradesh.
In such a situation, the natural question is that when allegations of bribery have been made in India, then why is the case in the US? The answer is that US law allows it to pursue investigations into allegations of corruption in foreign countries involving its investors or markets. Since the money of American investors was invested in the project and giving that money as bribe is a crime under American law, a case was registered in America.
Since America is also a friendly country of India, these allegations are important. However, the way the administration under President Joe Biden, who was defeated in the US elections, has repeatedly taken the initiative to instigate Ukraine against Russia and implicate Indian industrialists in corruption cases, there is a need to understand its international political meaning. . Perhaps he wants to create problems for the future Trump administration.
The question is, about which projects has this uproar been created? So the answer would be that according to American prosecutors, the founder and chairman of the energy company is Gautam Adani. The executive director of Adani Green Energy is Sagar Adani, who is his nephew. Apart from this, Ranjit Gupta, former CEO of Azure Power, Rupesh Aggarwal, consultant at Azure Power are the US issuers.
What happened is that Adani Green Energy and the American issuer had won the contract to provide 12 GW of solar energy to the state-owned Solar Energy Corporation of India (SECI).
However, SECI could not find buyers in India to buy solar power. Therefore, the deal could not proceed without buyers and both companies were at risk of huge losses. So Adani Group and Azure Power planned to bribe Indian government officials. Then the question that naturally arises is who got the share of the bribe in the end? Who got the biggest share in that too? The answers to this also come from the allegations of the American administration.
According to the US administration’s allegations, these people decided that it would be the responsibility of government officials to persuade state power distribution companies to enter into power supply agreements with SECI. Perhaps that is why he promised to pay bribes worth about $265 million to Indian officials, a large part of which was given to Andhra Pradesh officials. The result was that after this some state power companies agreed and entered into an agreement with SECI to purchase solar power from both the companies.
It is clear that the Indian energy company and the American issuer jointly paid the bribe. Not only this, code names were also used to hide their involvement. According to the US Attorney’s Office (New York), those who have been accused in the bribery and fraud case include Gautam S. Adani, Sagar S. Adani, Vineet S. The names of Jain, Ranjit Gupta, Cyril Cabanes, Saurabh Aggarwal, Deepak Malhotra, Rupesh Aggarwal are prominent.
However, under US law, such cases generally allow settlement through deferred prosecution agreements or non-prosecution agreements. Accordingly, this matter can be resolved only by accepting some mistakes, promising to improve compliance with the rules and paying the fine. Even before this, Siemens had paid a fine of $800 million and Ericsson had paid a fine of $1 billion. Therefore, Adani Group can also do something like this if it wants.
Needless to say, the market value of Adani Group companies in America has declined twice as much due to the Hindenburg case, which has fallen due to the allegations against Group Chairman Gautam Adani in the American court. However, experts believe that this case can become a big challenge for the credibility of the group, but due to the settlement of this case in America, the shares of the companies can also recover from this fall soon, although the scope of settlement is limited to the investors at present. Is.
The question is that due to the possible policies of the next US President Donald Trump, the relief package in China and the deepening of the Russia-Ukraine crisis and the increasing Israel-Palestine disputes, the Indian stock market was already showing weakness. Then, the Adani case shook it further. However, whatever impact the latest case may have on this group, it is certain that the country’s economy is not going to be affected. In India, in the long term, the strength of the economy, good growth in corporate profits and regulatory credibility are important for the stock market. In such a situation, foreign investors betting on India are not going to ignore these things.
The interesting aspect of this whole matter is that whenever the Parliament session is about to start in India, America gives a new issue to the Indian counterpart. Now that the winter session will start from Monday 25th November, this new case has come to light. Therefore, opposition parties have cornered BJP and the central government on the allegations of bribing Indian officials against industrialist Gautam Adani. He demanded a Joint Parliamentary Committee (JPC) investigation into this matter. Rahul Gandhi has said that as the Leader of Opposition in the winter session of Parliament, he and the entire opposition will raise the issue related to Adani.
Let us tell you that Rahul Gandhi has targeted the Central Government in a press conference. Leader of Opposition in Lok Sabha, Rahul Gandhi said on the allegations against Adani that he should be arrested immediately. He also claimed that Gautam Adani will not be arrested because Prime Minister Modi and he are one and that is why both are safe. This is a complete network of people associated with politics, finance and bureaucracy. On one hand this network captures the political system of the country, on the other hand it works for profit. Therefore, SEBI Chief Madhavi Puri Buch should be immediately removed from the post and an investigation should be conducted.
At the same time, BJP has also retaliated on the attacks of Congress. BJP MP and spokesperson Sambit Patra alleged that Congress, Rahul Gandhi and Sonia Gandhi have been trying to tarnish the image of Narendra Modi since 2002, but they have not succeeded. The kind of behavior that Rahul Gandhi has shown today is nothing new. None of the four states mentioned in the US allegations against the company had a BJP chief minister. The Gandhi family and the Congress are unable to tolerate that India is continuously moving towards becoming the third largest economy in the world. This is the reason why they are attacking the Indian market. From four o’clock in the morning their entire structure is engaged in bringing down the Indian stock market. Due to this, about 2.5 crore small investors have suffered loss.
Citing Adani Group’s investments in states ruled by Congress and its allies, Patra said the group had invested Rs 25 thousand crore and Rs 65 thousand crore in Chhattisgarh during the government of Bhupesh Baghel and Ashok Gehlot in Rajasthan. . Responding to Rahul’s allegations, BJP tauntedly said that even though he is trying to tarnish the image of PM Modi, his credibility is such that recently he was honored with the highest civilian award abroad. MP Sambit Patra said that it is the job of the company to give clarification. The law will take its course. The states mentioned in the allegations were ruled by opposition parties at that time.
At the same time, after the allegations against industrialist Gautam Adani, Aam Aadmi Party has demanded an investigation under the supervision of the Supreme Court. Party’s Rajya Sabha member Sanjay Singh alleged that the Prime Minister’s friend Gautam Adani has embarrassed India. The revelations that have come to light after the court investigation in America have shocked the entire country. Adani Green Energy got contracts in many states including Gujarat, Madhya Pradesh, Rajasthan, Andhra Pradesh. Adani also tried to enter Delhi’s power sector, but failed. The then Chief Minister Arvind Kejriwal had stopped him. Kejriwal did not allow that company to enter Delhi. Kejriwal did not allow expensive electricity to be sold to the people of Delhi. If BJP people come to Delhi by mistake, they will again loot the people of Delhi in the name of expensive electricity. We will not remain silent and will raise this matter in the upcoming session.
At the same time, Trinamool Congress MP Saket Gokhale has asked in this matter whether the Narendra Modi-led government is involved in this? He said that while the markets were reacting to the news of the indictment, the government was ‘silent’ on the issue. On the other hand, TMC MP Mahua Moitra said that ‘the allegations include buying electricity at higher rates than the market to benefit Adani Renewable Energy by bribing government officials. Still no evidence against Adani, Butch. Spineless SEBI. Here is the SEC press release detailing your brother’s transactions.
At the same time, RJD MP and spokesperson Manoj Jha said that the matter has become so serious that even if the country’s agencies and influential people make every effort to cover it up, it will be exposed. On the other hand, National Conference President Farooq Abdullah said that the Center should conduct a JPC inquiry into this matter. Because Adani has been accused of fraud and bribery in the US. Even before this he has been in controversies.
However, there may be a conflict over the Adani issue in the winter session of Parliament starting from Monday (November 25). Because Congress has already been cornering Modi government and PM regarding Adani. Therefore, now after the latest step taken by America, the opposition seems to be even more aggressive on this issue. Many opposition parties including Rahul Gandhi have expressed their intention that they will raise this issue vigorously in the session. A session has already been affected on the Adani issue. On the other hand, amid these allegations, Kenyan President William Ruto canceled airport and energy deals with Adani Group, which is a serious matter. Is this just the beginning or the end, time will tell.
– Kamlesh Pandey
Senior journalist and political analyst
