Gautam Adani Bribery, Fraud Case: All You Need To Know

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Gautam Adani Bribery, Fraud Case

Indian business tycoon and one of the richest men in the world Gautam Adani is finding himself on thin ice after he has been indicted by a US court for breaching the federal securities laws and antifraud provisions. Soon after the news broke, Adani Group’s share prices nosedived by 20% on the bourses.

What is the alleged Adani Scam?

The US prosecutors claimed that Gautam Adani and seven others involved with him in the scheme bribed the Indian government officials to the tune of 2,236 crores to get undue favors. The other people named in the alleged scam are Sagar Adani-Executive Director of Adani Green Energy (company that got the solar energy contract through illicit means), Ranjit Gupta CEO of Azure Power (who persuaded the officials to accept the bribe), Vneet S Jain, Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra.

Here's how the alleged scam unfolded according to the US prosecutors:

Adani Green Energy got the contract to supply 8 gigawatts and 4 gigawatts of solar power to the government-owned Solar Energy Corporation of India (SECI). But the contract wasn't able to move forward as SECI wasn't able to find any state electricity distribution companies to purchase power from SECI.

Here Gautam Adani is alleged of being in talks with three government officials on multiple occasions during 2020-2024 and bribed them with 2,236 crores to cause the electricity distribution companies to enter into contract with SECI and purchase energy from them which was projected to have make him a profit of nearly 16,880 crores for over 20 years.