US prosecutors have charged Gautam Adani and others of masterminding a USD 265 million bribery conspiracy to get state energy contracts, bringing the Adani Group, one of the country’s biggest businesses, under severe corruption charges. The accusations have been deemed “baseless” by the Adani Group.
Prime Minister Narendra Modi is being accused by opposition politicians of protecting Adani as a result of the accusations, which have caused a political uproar in India. The financial markets have also been significantly impacted by the controversy; in a single day, Gautam Adani’s net worth dropped by $12 billion.
A Charge On Gautam Adani
US prosecutors have charged Gautam Adani and others with masterminding a USD 265 million bribery conspiracy to win state energy contracts. This brings the Adani Group, one of the country’s biggest businesses, under severe corruption charges. The Adani Group has deemed the accusations “baseless.”
Opposition politicians are accusing Prime Minister Narendra Modi of protecting Adani, which has caused a political uproar in India. The controversy has also significantly impacted the financial markets; in a single day, Gautam Adani’s net worth dropped by $12 billion.
Legal Actions By Gautam Adani’s Team
The Adani Group threatened to take legal action and refuted all of the accusations, calling them “baseless.” The business declared, “We are a law-abiding organization, fully compliant with all laws.”
Executives from the Adani Group have been charged with lying and deceiving US lenders and investors about the company’s anti-bribery policies and pledges while soliciting their funds.
In order to obtain solar power contracts, US prosecutors claimed that between 2021 and 2023, bribes were paid to authorities in Andhra Pradesh as well as other states, including Odisha, Tamil Nadu, Chhattisgarh, and Jammu and Kashmir.
In the Adani bribery case, a government official from Andhra Pradesh has been identified as “Foreign Official #1” in a US court document. Prosecutors said that “Foreign Official #1” was given a bribe of Rs 1,750 crore.
All ten of the Adani Group’s listed companies had steep drops, with Adani Enterprises dropping more than 23%. During early trading today, investors in the ten listed companies of the Adani Group lost more than Rs 2.60 lakh crore in market value.
BJP Accused
A procurement process that would have given the Adani Group control of the nation’s principal airport was canceled, according to Kenyan President William Ruto. Additionally, he ordered the energy ministry and an Adani Group affiliate to terminate a 30-year, USD 736 million public-private partnership agreement that was signed last month for the construction of power transmission lines.
Rahul Gandhi, a Congress MP, called for the arrest of Adani and accused Prime Minister Modi of protecting the businessman. “Adani backs the BJP and obtained India’s assets through corruption. Gandhi declared, “We call for his arrest and a Joint Parliamentary Committee.”
In its rejoinder, the BJP emphasized that opposition parties controlled the states mentioned in the US indictment. Party spokesperson Sambit Patra stated, “BJP chief ministers were absent from all of these states.” Patra discussed the topic, saying, “There are accusations and rebuttals… The business will make a statement and stand up for itself. The law will work itself out.
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