Thu Nov 21 16:38:22 UTC 2024: ## Adani Indicted in US on Bribery Charges in Massive Indian Solar Deal

**New Delhi, Nov 22, 2024** – Gautam Adani, the Indian industrialist, and several associates face a five-count criminal indictment in the United States for allegedly bribing Indian government officials to secure lucrative solar power contracts. The U.S. Department of Justice (DoJ) indictment details a scheme involving Adani Green Energy Ltd. and Azure Power Global Ltd. to win a massive 12 GW solar power tender from the Solar Energy Corporation of India (SECI).

The indictment alleges that high energy prices stipulated in the initial contract made it difficult for SECI to find buyers. To overcome this, Adani, his nephew Sagar Adani, former Adani Green CEO Vneet Jaain, former Azure Power CEO Ranjit Gupta, and others allegedly offered approximately ₹2,029 crore ($265 million) in bribes to secure power sale agreements (PSAs) with state electricity distribution companies (discoms). A significant portion, around ₹1,750 crore, was allegedly earmarked for an unnamed Andhra Pradesh official.

The scheme allegedly involved using coded messages and multiple meetings to coordinate the bribes, with Azure Power contributing a portion of the payments. The indictment details how options for concealing the bribe payments were explored, including transferring project contracts and masking the payments as development fees.

The DoJ alleges that the bribery scheme was successful, leading to discoms in several states signing PSAs with SECI. The indictment further charges that Adani Green raised over $175 million from US investors and Azure Power’s stock traded on the New York Stock Exchange while the alleged bribery was underway, violating US securities laws. The U.S. Securities and Exchange Commission (SEC) has also filed charges.

The indictment has sparked immediate political reactions in India, with the Congress party demanding Adani’s arrest and the BJP challenging them to pursue legal action. The allegations have also prompted international concerns, with Kenya cancelling energy deals with the Adani Group and Sri Lanka urged to review its own agreements. The unfolding situation raises serious questions about the integrity of large-scale infrastructure projects in India and the impact of alleged corruption on international markets.

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