According to Forbes Real Time Billionaires List, 62-year-old Gautam Adani’s wealth stands at $54.9 billion (Rs 4.42 lakh crore).
After the Supreme Court, the case against 8 people, including Adani Group Chairman Gautam Adani, for paying bribes worth billions of rupees and committing fraud, has now reached the High Court Madras Court. A petition has been filed in the Madras High Court seeking directions to the Home Ministry to conduct an investigation by the Special Investigation Team (SIT), the Enforcement Directorate (ED) or the Central Bureau of Investigation (CBI).
Advocate and president of Desiya Makkal Shakti Katchi ML Ravi filed this petition in the High Court. In the petition, he said Adani had been accused of being involved in a scheme to bribe Indian government officials to secure solar power supply contracts with businessmen, distribution companies electricity and Indian entities in several Indian states, including Tamil Nadu.
The lawyer argued that even after a foreign country exposes corruption in India, Indian investigative agencies remain silent. She acts like a mere spectator, which is an insult to the entire country and 140 million citizens. He said corruption had eroded public trust in government institutions and hampered the country’s development.
On November 24, a petition was filed with the Supreme Court to investigate the matter. Earlier on Sunday, i.e. November 24, advocate Vishal Tiwari had filed a petition in the Supreme Court demanding an investigation into the matter. The petitioner said the US Justice Department’s order and the US Securities and Exchange Commission’s complaint exposed the irregularities of the Adani Group.
He said the allegations are so serious that in the interest of the country, the matter should also be investigated by Indian agencies. Lawyer Vishal Tiwari had also filed a petition in the Supreme Court in January 2023 demanding an investigation into the allegations made by Hindenburg.
There was a decline in 10 Adani Group stocks. Amidst all this news, there was a decline in 10 Adani Group stocks. Adani Green Energy shares fell the most by 7.26%. At the same time, there was a decline of 4.02% in Adani Enterprises and 3.03% in Adani Ports.
This case was filed in New York Federal Court on October 24, 2024. Indeed, on November 21, the United States Attorney’s Office declared that Adani had given Indian authorities $265 million (he gave or was planning to give a bribe of around Rs 2,200 million.
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, November 20, 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.
Pictured are Gautam Adani (sitting on chair, first from right) and Sagar Adani (standing behind, first from left).
Understand what this whole affair of manipulation and corruption is… According to the file of the American Department of Justice, the Solar Energy Corporation of India, that is to say the SECI, had signed a contract for the supply of 12 GW of energy in the country. SECI is a renewable energy company of the Government of India, which aims to increase the use of solar energy in the country.
Between December 2019 and July 2020, Adani Green Energy Limited (AGEL) and a foreign company won the contract. He received a Letter of Award (LOA).
A problem has arisen here. SECI could not find customers for the electricity purchased from AGEL and foreign companies. In such a situation, it is not able to purchase electricity from AGEN and foreign companies. This would have caused losses to Adani’s company and the foreign company.
According to the chargesheet, Gautam Adani, his nephew Sagar Adani, Vineet Jain and 7 people conspired to bribe the officials. So that state governments enter into power sales agreements with SECI and their solar power agreements find buyers.
According to the charge sheet, Gautam Adani met a senior official of Andhra Pradesh several times between August 7, 2021 and November 20, 2021. Thus, an agreement on solar energy is signed between Andhra Pradesh Electricity Distribution Company (APEPDCL) and SECI.
After this, an agreement was signed between APEPDCL and SECI. AGEL and the foreign company were awarded the contract. After this, the National Electricity Distribution Board of Chhattisgarh, Tamil Nadu, Odisha, Jammu and Kashmir signed power purchase agreements.
Two official documents have been published in this whole affair…
1. Indictment filed by United States Attorneys with the Office of the Eastern District Court of New York. There’s no mention of an arrest warrant in there.
2. Press release issued by the United States Attorney’s Office for the Eastern District of New York. In this document also, there is no mention of an arrest warrant against Gautam Adani.
At the same time, the American news agency Reuters wrote in a November 21 report: “According to court records, a judge has issued an arrest warrant for Gautam Adani and Sagar Adani. Prosecutors are preparing to hand over these arrest warrants to foreign law enforcement.
The Adani Group has called all the allegations baseless. The Adani Group has called all the allegations baseless. In a statement released on November 21, 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.
Sagar Adani manages the energy sector. Nephew of Gautam Adani, Sagar is a graduate in economics from Brown University US. 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.