Thu Nov 21 18:35:42 UTC 2024: ## Adani Group Chairman Gautam Adani Indicted in US on Fraud and Bribery Charges

**New Delhi, India** – A US court has indicted Gautam Adani, chairman of the Adani Group, along with seven others on charges of fraud and bribery, sparking a major political uproar in India. The indictment alleges that Adani and his associates bribed Indian government officials to secure lucrative solar energy projects, resulting in an estimated $2 billion profit for an Adani company over 20 years.

The alleged bribery, totaling approximately ₹2200 crore (approximately $267 million USD), allegedly involved payments to officials in Andhra Pradesh, Odisha, Jammu & Kashmir, Tamil Nadu, and Chhattisgarh between 2021 and 2022. The investigation stems from a US-listed company’s involvement in the alleged scheme. Among those indicted are Sagar Adani (executive director of Adani Green Energy), the 30-year-old son of Gautam Adani’s brother Rajesh Adani, and Vinod Jain, a former CEO of the Adani Group.

The indictment has sent shockwaves through India’s stock market, causing a massive ₹5.35 lakh crore (approximately $648 billion USD) loss – equivalent to India’s annual defense budget – and wiping out ₹2.2 lakh crore (approximately $267 billion USD) from the Adani Group’s market valuation. Gautam Adani’s ranking on the world’s richest people list has dropped from 22nd to 25th.

The alleged scheme centered around a 2019-2020 agreement between Solar Energy Corporation of India Limited (SECI) and Adani Green Energy Limited and Azure Power Global Limited (a Mauritian company). While SECI initially awarded the companies contracts to produce 12 gigawatts of solar energy, difficulties securing agreements with state governments due to high electricity prices allegedly led to the bribery scheme.

The timing of the deals—with states then governed by non-BJP parties—has fueled political accusations. The opposition Congress party is demanding Adani’s arrest, accusing Prime Minister Narendra Modi of shielding him. Other opposition parties have echoed these sentiments, while the BJP has dismissed the allegations as politically motivated. The timing, just before the upcoming winter session of Parliament, is expected to further intensify political tensions. The investigation’s focus on alleged bribery of Indian officials, despite the projects being located in India, is a key aspect of the ongoing controversy.

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