ગુજરાતી
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Ahmedabad, November 21, 2024
Journalist Dakshesh Parikh, originally from Ahmedabad and currently residing in the US, has reported to Satyaday that a bribery charge of Rs 2,029 crore has been announced against Adani. Gautam Adani, chairman of Indian conglomerate Adani Group, addresses a gathering during the opening session of the Vibrant Gujarat Global Summit 2024 in Gandhinagar on January 10, 2024.
Gautam Adani, chairman of India’s Adani Group and one of the richest men in the world, was convicted along with others in a New York federal court on charges related to a massive bribery and fraud scheme.
Adani paid bribes to Indian government officials to secure solar power supply contracts worth more than $2 billion.
Both Adani and Jain have been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud.
The Khavda Renewable Energy Park owned by the Adani Group is the world’s largest. In the desert bordering Pakistan, India’s most controversial billionaire is building the world’s largest renewable energy park.
He has benefited from his relationship with Indian Prime Minister Narendra Modi.
Alleged conspiracy to obstruct US federal criminal and Securities and Exchange Commission investigations into the bribery scheme. Adani Green raised more than $175 million from US investors, and Azure’s shares are traded on the New York Stock Exchange.
Gautam Adani is Asia’s second-richest man with a net worth of $85 billion.
According to a Bloomberg report, the tycoon has accused Adani of a bribery scheme
The allegations relate to a large solar power plant project.
Gautam Adani, a key aide to Indian Prime Minister Narendra Modi, has been accused of bribery.
Indian Renewable Energy Company (Indian Energy Company) executives Gautam S. Adani, Sagar R. Adani and Vineet S. Jain has been charged with conspiracy to commit securities and wire fraud for his role in a billion-dollar scheme to obtain money from US investors and global financial institutions based on false and misleading statements.
US prosecutors in New York on Wednesday charged Adani Group chairman Gautam S Adani, his nephew Sagar Adani, and six others with accepting bribes worth Rs 2,029 crore, reports the Indian Express. They are accused of paying bribes worth Rs 2,029 crore (US$265 million) to Indian government officials to secure solar power contracts with state power distribution companies. They are accused of lying to secure investments from people in the US and internationally and obstructing an FBI investigation.
The indictment also charges Ranjit Gupta and Rupesh Agrawal, former executives of a renewable energy company whose securities were traded on the New York Stock Exchange (a US issuer), and Cyril Cabanes, Saurabh Agrawal and Deepak Malhotra, former employees of a Canadian institutional investor.
Gautam S. Adani, Sagar R. Adani and Vineet S. Jain have been charged with conspiracy to violate the Foreign Corrupt Practices Act in connection with a bribery scheme for one of the world’s largest solar power projects.
The United States Attorney for the Eastern District of New York, Brian Peace, Deputy Assistant Attorney General for the Justice Department’s Criminal Division, Lisa H. Miller, and Assistant Director in Charge of the Federal Bureau of Investigation (FBI), New York Field Office, James E. Dennehy announced the charges.
Corruption allegations are being made in international markets.
An elaborate scheme was hatched to bribe Indian government officials to obtain contracts worth billions of dollars. Gautam S. Adani, Sagar R. Adani and Vineet S. Jain participated in the bribery scheme. He lied to American and international investors to raise capital.
Deputy Assistant Attorney General Miller said, “The indictment alleges bribes of more than $250 million to Indian government officials, lying to investors and banks to raise billions of dollars, and obstruction of justice. These crimes were allegedly committed through corruption and defrauding American investors.” The procurement and financing of state energy supply contracts on a scale larger than anywhere else in the world was investigated by the Criminal Division is corrupt.
Gautam S. Adani and seven other business executives allegedly bribed the Indian government for lucrative contracts designed to benefit their businesses. Adani and the other defendants pleaded guilty to bribery and making false statements about corruption. On the grounds that the fraud was committed by raising capital from investors. There was an attempt to cover up the bribery conspiracy by obstructing government investigations.
Assistant Director in Charge of the FBI Dennehy said. “The FBI is working to protect investors from all corrupt contracts, particularly contracts with international governments, and the related harm to investors.
Between 2020 and 2024, the defendants agreed to pay bribes of more than $250 million to secure lucrative solar power supply contracts with the Indian government. Adani personally met an Indian government official to pay the bribe. The defendants were accused of communicating with the government about the bribery scheme via an electronic messaging application.
Discussed repeatedly.
Sagar R. Adani used his cellular phone to the government
to track the exact details of the bribes paid to the ECs.
Roopesh Agrawal prepared several analyses using PowerPoint and Excel for the other respondents. It was distributed summarizing the details of the bribes received and the
misrepresentation of an Indian energy company’s anti-bribery and anti-corruption practices and concealment of bribery schemes from US investors and international financial institutions to obtain financing.
Over $1 billion was underwritten by the Securities and Exchange Board of India (USDA), sold and marketed to investors elsewhere in the US.
In addition, Gautam S. Adani, Sagar R. Adani and Vineet S. Jain accused the Indian energy company of making false statements to the market and investors about its consolidated financial statements and the bribery scheme.
Cyril Cabanes, Saurabh Agrawal, Deepak Malhotra and Rupesh Agrawal conspired to obstruct the grand jury, FBI and US Securities and Exchange Commission (SEC) investigations into the bribery scheme.
Charged with conspiracy to obstruct justice.
The investigation was conducted by the FBI New York’s Corporate, Securities and Commodities Fraud, and International Corruption Units.
Defendants:
Gautam S. Adani, age: 62
Sagar S. Adani, age: 30
Vineet S. Jain, age: 53
Ranjit Gupta, age: 54
Cyril Cabanes, France/Australia, age: 50
Saurabh Agrawal, age: 48
Deepak Malhotra, age: 45
Rupesh Agrawal, age: 50
Indian Express
Used corruption and fraud to obtain and finance large state energy supply contracts at the expense of US investors. Raised more than $175 million from US investors on misrepresentations.
In a press release issued by the US Attorney’s Office for the Eastern District of New York, US Deputy Assistant Attorney General Lisa H. Miller was quoted as saying. Both complaints were filed in the US District Court for the Eastern District of New York.
US prosecutors have kept the names of all entities and some individuals secret. But a footnote states that his identity is known to the grand jury. Gautam Adani has not been named. Gautam Adani is said to be the founder of the Indian group.
Government officials forced state power distribution companies to sign power supply contracts with SECI. Extensive efforts were made to corrupt government officials. State power distribution companies of Andhra Pradesh were offered Rs. 1,750 crore (about $228 million).
Gautam Adani violated power supply agreements between SECI and Andhra Pradesh state power distribution companies three times during August-November 2021. Met the “foreign official” personally to proceed.
Gautam S. Adani was accused of violating the power supply agreements between SECI and Andhra Pradesh state power distribution companies three times during August-November 2021. Met the “foreign official” personally to get the deal done.
Gautam S. Adani was accused of violating the power supply agreements between SECI and Andhra Pradesh state power distribution companies three times during August-November 2021. Met the “foreign official” personally to get the deal done. Adani was identified by the code names “SAG”, “Mr[.]A”, “Numero Uno” and “The Big Man”.
At the time, Gautam Adani in a post congratulated Donald Trump on his “commitment to invest $10 billion in energy security and resilient infrastructure projects with the goal of creating 15,000 jobs”.
SEC general secretary Jairam Ramesh said, “The indictment of Gautam Adani and others by the SEC supports the Congress’ demand for a JPC probe into various Modi scams by January 2023.”
According to a Forbes report, they have estimated Adani’s net worth at $69.8 billion through Forbes valuation. Adani is the 22nd richest person in the world.
Amazing Facts
The Adani Group was India’s second-largest cement producer in 2023 and earned a revenue of $38 billion in 2022. This includes shipping ports, transmission lines serving more than 3 million customers, and eight airports.
Hindenburg Research
The indictment against Adani comes more than a year after activist investment firm Hindenburg Research published a report accusing Adani and his companies of massive fraud and stock manipulation. Previously ranked as the world’s second-richest person after Tesla chief Elon Musk, the company operates in every sector from energy to weapons and infrastructure.
Hindenburg said it took two years to compile, with the US firm questioning the “sky-high valuations” of Adani companies, saying their “significant debt” put the entire group “in a precarious financial position”. Short sellers make money by betting that a company’s stock will fall. The Adani Group published a 400-page rebuttal, calling the Hindenburg analysis “nothing but lies”.
CNN
Indian billionaire Gautam Adani and other executives were convicted in New York for their alleged role in the deal, CNN reported.
Evidence
The solar power supply contract was estimated to generate more than $2 billion in after-tax profits over a period of about 20 years. The bribery scandal also involved evidence from several phones. The department cited documents including cell phones to comprehensively track the specific details of the bribes, a photo of a document summarizing various bribe amounts and a document summarizing various options for making and concealing bribe payments.
A PowerPoint and Excel analysis.
Adani’s K Arkireddy started out in the diamond business. He founded a commodity trading business in 1988, which later grew into Adani Enterprises, and now owns companies in key sectors from ports and power to media and clean energy. (Google translation from Gujarati)
