According to Forbes Real Time Billionaires List, 62-year-old Gautam Adani’s wealth stands at $57.7 billion (Rs 4.87 lakh crore).
In the United States, 8 people, including industrialist Gautam Adani, have been accused of fraud worth billions of rupees. The US Attorney’s Office claims Adani paid or planned to pay $265 million (about Rs 2,200 crore) in bribes to Indian officials to secure solar-related contracts in India.
This whole matter is linked to the Adani group company, Adani Green Energy Limited, and another company. This case was filed in the New York Federal Court on October 24, 2024. At his hearing on Wednesday, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal were accused.
According to a Reuters report, arrest warrants have also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited.
Money from American investors, hence the case here
Adani is accused of lying to American investors and banks to collect these bribes. The case was registered in the United States because money from American investors was invested in the project and, according to American law, giving this money as a bribe is a crime.
Adani said – all allegations are baseless, refuted
The Adani Group has called all the allegations baseless. In a statement, the group said: “The allegations made by the United States Department of Justice and the United States Securities and Exchange Commission against the directors of Adani Green Energy Limited are without merit. We refute them.
The US Department of Justice itself has stated that these are only allegations so far. The accused are considered innocent until proven guilty.
Adani Green Energy stops its bond offering
Adani Group itself announced on Wednesday to raise $600 million (Rs 5,064 crore) through the sale of 20-year green bonds. Hours later, he was charged with fraud.
Adani Green Energy Limited said in a securities filing – The United States Department of Justice and the United States Securities and Exchange Commission have filed a criminal case and a civil complaint in the District Court of New York against the members of our board of directors Gautam Adani and Sagar Adani.
The U.S. Department of Justice also included our board member Vineet Jain in this criminal case. Under these conditions, our subsidiaries have decided not to proceed with the proposed bond issues for the moment. Now, Adani Group has also postponed this bond offering.
Gautam Adani’s net worth decreased by ₹1.02 lakh crore in a day
Due to fall in company stocks after allegations of corruption and fraud, Adani Group Chairman Gautam Adani’s net worth declined by $12.1 billion (around Rs 1.02 lakh crore) in one day to reach $57.7 billion (Rs 4.87 lakh crore). ). With this, Adani jumped straight from number 25 to number 22 in the Forbes Real Time Billionaires list. However, even after this, Gautam Adani remains the second richest Indian after Mukesh Ambani.
9 out of 10 Adani Group stocks fell
Out of 10 Adani Group stocks, 9 closed lower and 1 closed higher. Adani Enterprises fell the most by 23.44%. While Adani Green Energy shares closed 18.95% lower.
Sagar Adani manages the energy activity
The nephew of Gautam Adani, Sagar holds a degree in economics from Brown University in the United States. Sagar joined the Adani Group in 2015. Sagar manages the energy and financial businesses of the group. He focuses on the renewable energy sector and plans to make the company the world’s largest producer of renewable energy by 2030.
Adani Green Energy has a clean energy portfolio of over 20 GW.
Adani Green Energy Limited has a clean energy portfolio of over 20 GW, which includes one of the world’s largest solar power plants located in the southern state of Tamil Nadu. The Adani Group has set a target to become the country’s largest company in this sector by 2030. The market capitalization of the company is Rs 1.85 lakh crore.
Adani Green Energy is installing a solar power plant with a capacity of 30,000 MW at a single location in Khavra, Gujarat.
Congress requested JPC investigation
After allegations of corruption and fraud in the United States, Congress on Thursday called for an investigation by the Joint Parliamentary Committee (JPC). U.S. Congressional Attorney General and Communications Officer Jairam Ramesh said: “The U.S. Attorney’s Office’s serious allegations against Adani and others associated with him support the request Congress has been making since January 2023.
Adani had announced investments in America last week.
Adani had recently announced a $10 billion (Rs 84,406 crore) investment in America, which is expected to create 15,000 jobs.
Some interesting facts related to Gautam Adani and his journey…
He tried his luck in the diamond industry: Born on June 24, 1962, Gautam Adani, who dropped out of his studies, is from Gujarat. He tried his luck in the diamond industry in Mumbai in the early 1980s. After this, the Adani Group was established in 1988 with a small agricultural trading business.
It has now transformed into a conglomerate spanning coal trading, mining, logistics, power generation and distribution. The Adani Group is also present in green energy, airports, data centers and the cement industry. Gautam Adani has pledged to invest $70 billion (Rs 590,848 crore) by 2030 to make his group the world’s largest producer of renewable energy.
Adani Foundation was established in 1996: Adani Foundation was established in 1996 under the leadership of Gautam Adani’s wife Preeti. The Adani Foundation works in rural India. Currently, the Foundation helps improve the lives of 34 lakh people every year across 18 states of the country. Preeti is a doctor by profession, she has completed her Diploma in Dental Surgery (BDS).
Controversy linked to Gautam Adani…
First controversy: Hindenburg Research accused of money laundering: Dated January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offering of Rs 20,000 crore. This offer was to be opened on January 27, 2023, but just before that, on January 24, 2023, Hindenburg Research published a report in which the Adani Group was accused of money laundering and stock manipulation.
By January 25, the market value of the group’s shares had declined by around $12 billion (around Rs 1 lakh crore). However, Adani has denied the allegations of wrongdoing. In such a situation, Adani Group also canceled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the matter and SEBI also investigated the matter.
After the court’s decision, Adani Group Chairman Gautam Adani said, “The court’s decision shows that truth has won.” Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth will continue. Jai Hind.
Second controversy: allegation of sale of low quality coal in high quality: a month ago, the Financial Times, citing a report by the Organized Crime and Corruption Reporting Project, had claimed that in January 2014, the Adani group had sold for Rs 28 lakh to an Indonesian company had purchased ‘low quality’ coal at the advertised price of US dollars (around Rs 2,360) per tonne.
The report alleges that this cargo was sold to the Tamil Nadu Generation and Distribution Company (TANGEDCO) as high-quality coal at an average price of $91.91 (around Rs 7,750) per tonne.
The Adani group had already been accused of rigging the invoice for coal imports.
The Financial Times, in one of its reports, claimed that the Adani group was importing coal from Indonesia at a lower rate and quoting higher prices by rigging invoices. For this reason, the group sold coal-generated electricity to customers at a higher price. The Financial Times investigated 30 shipments of coal imported by the Adani Group from Indonesia to India in the 32 months between 2019 and 2021. Import records for all of these shipments revealed prices higher than those reported by export. The amount has been increased by around ₹582 crore.
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Gautam Adani to step down as president at age 70: hand over command to sons and cousins in 2030
Adani Group Chairman Gautam Adani plans to step down at the age of 70, he is currently 62 years old. The Bloomberg news agency had cited an interview that Adani could hand over control of the company to his sons and cousins in early 2030. …
Hindenburg Allegation – Adani Freeze of ₹2,600 Crores in Swiss Banks: Adani Group said – all claims are false, this is an attempt to bring down our market value.
Hindenburg Research made new allegations against the Adani Group on September 12. Hindenburg said Swiss authorities have frozen over $310 million (around Rs 2,602 crore) in 6 Swiss bank accounts linked to the Adani group.
Hindberg made the allegations citing a report from Swiss media outlet Gotham City. The report said Swiss authorities seized the amount as part of an investigation into money laundering and securities fraud. …
Adani is trending on Google
During the hearing held in New York Federal Court, 8 people, including Gautam Adani, were accused of fraud and bribery worth billions. After this news, Adani is constantly searched on Google. If we look at the Google trends of the last 30 days, it is clear that Adani’s search graph has been growing rapidly.
Source – GOOGLE TRENDS