what are the allegations
This entire matter is related to Adani Group company Adani Green Energy Limited and another firm. This case was registered in the US court on October 24, 2024, which was heard on Wednesday. Apart from Adani, the other seven people involved are Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal.
Adani is accused of lying to American, foreign investors and banks to collect this bribe money. Sagar and Vineet are officials of Adani Green Energy Limited. Sagar is the nephew of Gautam Adani. According to Reuters report, arrest warrant has been issued against Gautam Adani and Sagar.
The case was registered in America because the money of American investors was invested in the project and under American law, giving that money as bribe is a crime. On Wednesday itself, Adani had announced to raise $ 600 million (Rs 5064 crore) from the sale of 20 year green bonds. A few hours later, he was accused of fraud.
Adani Green Energy banned
Adani Green Energy Limited said in a stock exchange filing – The United States Department of Justice and the United States Securities and Exchange Commission have filed a criminal case and a civil complaint in the New York District Court against our board members Gautam Adani and Sagar Adani.
The US Justice Department has also included our board member Vineet Jain in this criminal case. In view of this, our subsidiaries have decided not to proceed with the proposed bond offerings for the time being. According to media reports, Adani Group companies were going to raise $ 600 million (about Rs 5000 crore) from US dollar bonds.
Gautam Adani’s nephew, Sagar holds a degree in Economics from Brown University US. Sagar joined Adani Group in 2015. Sagar manages the group’s energy business and finance. He focuses on renewable energy business and plans to make the company the world’s largest renewable energy producer by 2030.
Adani Enterprises saw the biggest decline of 21.73%
Adani Green Energy Limited has a clean energy portfolio of more than 20 GW, which includes one of the world’s largest solar power plants in the country’s southern state of Tamil Nadu. Adani Group has set a target of becoming the country’s largest company in this sector by 2030. The market cap of the company is Rs 1.85 lakh crore.
All 10 shares of Adani Group are trading with a decline. Adani Enterprises has the highest decline of 21.73%. Whereas, Adani Green Energy shares are down by 18.02%.
Adani had announced to invest
After allegations of bribery and fraud in America, Congress on Thursday demanded an investigation by the Joint Parliamentary Committee (JPC). US Attorney Congress General Secretary and Communications Incharge Jairam Ramesh said – The US Attorney’s Office making serious allegations against Adani and others associated with him justifies the demand that Congress has been making since January 2023.
Adani had recently announced an investment of $ 10 billion (Rs 84406 crore) in America, which was expected to create 15,000 jobs.
Gautam Adani controversy
It is from January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offer of RS 20,000 crore. This offer was to open on 27 January 2023, But just before that, on January 24, 2023, Hindenburg Research released a report, in which Adani Group was accused of money laundering and share manipulation.
By January 25, the market value of the group’s shares reduced by about $ 12 billion (about Rs 1 lakh crore). However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also canceled its follow-on public offer of RS 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the case.
After the court’s decision, Adani Group Chairman Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.’
Financial Times in one of its reports alleged that Adani Group imported coal from Indonesia at a lower rate and showed higher prices by rigging the bills. Due to this, the group sold the electricity generated from coal to the customers at a higher price.
The Financial Times examined 30 coal shipments Adani Group imported from Indonesia to India over 32 months between 2019 and 2021. The import records of all these shipments found prices higher than the export declarations. The amount was increased by about ₹582 crore.
