Thu Nov 21 17:39:32 UTC 2024: ## Adani Accused of $200 Million Bribe to Secure Andhra Pradesh Power Deal: US SEC
**New York, NY** – The United States Securities and Exchange Commission (SEC) has filed an indictment alleging that Gautam Adani, chairman of the Adani Group, bribed Andhra Pradesh officials to secure a lucrative power deal. The SEC claims Adani, in a meeting with then-Chief Minister YS Jagan Mohan Reddy in August 2021, offered approximately $200 million in bribes to ensure the state government signed a power supply agreement with the Solar Energy Corporation of India (SECI) for 7,000 MW of power capacity.
The indictment alleges that this bribe was significantly larger than a similar payment made in relation to an Odisha power agreement. Internal Adani Group communications reportedly show a direct correlation between the alleged bribe and Andhra Pradesh’s subsequent public announcement of its agreement to purchase power from SECI. The SEC contends that the bribe was instrumental in securing the deal, which would directly benefit Adani Green and Azure Power, two Adani Group companies.
The Adani Group has vehemently denied the allegations, calling them baseless and vowing to pursue all legal avenues. The development comes amidst ongoing scrutiny of the Adani Group, adding fuel to the already intense debate surrounding the conglomerate’s business practices. The case is currently before the District Court, Eastern District of New York.
First Piper 