Thu Nov 21 16:53:43 UTC 2024: ## Adani Group Faces US Indictment, Sparking Calls for Indian Investigation

**New Delhi/Mumbai –** The Adani Group is facing intense scrutiny following a US indictment alleging bribery and fraud related to solar energy contracts. The US Department of Justice and Securities and Exchange Commission (SEC) charged Gautam Adani and other group executives with a scheme involving over $250 million in alleged bribes to Indian officials to secure favorable terms for solar power projects. This alleged scheme concealed the bribery from US investors and banks.

The indictment has ignited a firestorm in India. Congress leader Rahul Gandhi called for Gautam Adani’s immediate arrest, accusing him of violating both Indian and American laws, and demanding the removal of SEBI chairperson Madhabi Puri Buch. Opposition parties, including the Left and TMC, are demanding a joint parliamentary committee probe into the Adani Group’s dealings. The CPI(M) specifically called for a CBI investigation.

While the Adani Group vehemently denies the charges, calling them “baseless,” the fallout is already evident. Adani Green Energy’s US dollar-denominated bond sale has been cancelled, and Kenyan President William Ruto ordered the cancellation of two Adani Group projects in Kenya totaling over $700 million.

The Securities and Exchange Board of India (SEBI) stated it will consider intervention only if cooperation is requested under a bilateral memorandum of understanding with the US SEC. The Tamil Nadu government clarified it has no commercial relationship with Adani’s companies. Azure Power Global Ltd. also issued a statement acknowledging the charges against a former board member linked to the Adani case.

The indictment has caused significant market volatility, with Adani Group stocks experiencing losses between 10% and 25%, wiping out over ₹2 lakh crore in market capitalization. Experts predict that the charges will significantly hamper the group’s international expansion and fundraising capabilities. The Adani Group maintains its commitment to the highest standards of governance and compliance. The US Department of Justice has emphasized that the charges are allegations, and the defendants are presumed innocent until proven guilty.

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