The recent bribery allegations against Gautam Adani and his associates have stirred quite a bit of controversy. The US Justice Department is investigating allegations of bribery involving Adani Group, Azure Power, and India’s Solar Energy Corporation (SECI).
The matter traces back to a 2019 (stalled) solar project totaling 15,000 megawatts (12,000 MW of Solar Power generation and 3,000 MW of solar panel manufacturing), with accusations that Adani offered bribes exceeding $250 million to secure agreements with state discoms despite pricing disputes. Adani has denied the allegations.
The U.S. Department of Justice has accused Adani, his nephew Sagar Adani, and Vineet Jain of participating in a scheme to pay over $250 million in bribes to secure Indian solar power supply contracts. The Indian government has stated that this is a legal matter involving private firms and the U.S. Department of Justice, and they have not received any request from the U.S. regarding this case.
The Adani Group has denied the charges, calling them baseless and vowing to seek all possible legal recourse. This case has also sparked political debates in India, with opposition parties accusing Prime Minister Narendra Modi and his party of favoring Adani and blocking investigations against him.
It’s a complex situation with significant implications for both the business and political landscapes in India.
