Gautam Adani, chairman of Adani Group, His nephew Sagar Adani, and Six others were indicted in a fraud and bribery case by US Prosecutors in New York on Wednesday, November 20, 2024. This is a Scam that broke both Indin law and American law. India’s Opposition Party Congress leader Rahul Gandhi raised his voice and demanded the arrest of billionaire Gautam Adani.
Let’s understand What is this case. Why US law is broken in this scam? What is Rahul Gandhi demanding and what is cooking among the ruling party BJP regarding this scam and Rahul Gandhi’s demands?
Table of Contents
Gautam Adani Fraud And Bribery Case.
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Gautam Adani was indicted by US prosecutors in a bribery scam of Rs 2,029 Crore, in New York on Wednesday, 20 November 2024. These bribes were offered to Indian Government Officials to secure “Lucrative solar energy supply contracts” with state electricity distribution companies.
This allegation discloses schemes to pay over $250 million in bribes to Indian Government Officials, to lie to investors and banks to raise billions of dollars, and to avoid justice,” A press release issued by US Attorney’s Office, Eastern District New York, said quoting US Deputy Assistant Attorney General Lisa H Miller.
Gautam Adani, his nephew Sagar Adani executive director of Adani Green Energy Ltd, other 6 defendants i) Vineet Jain, CEO of Adani Green Energy Ltd, ii) Ranjin Gupt, CEO of Azure Powar Global Ltd, iii) Rupesh Agarwal, iv) Cyril Cabanes, v) Saurabh Agarwal, vi) Deepak Malhotra; These scammers accused.
According to US Prosecutors, “The Indian Energy Company” and “US Issuer” won to supply 8 gigawatts and 4 gigawatts of solar power at a fixed rate to the state-owned Solar Energy Corporation of India (SECI).
Solar Energy Corporation of India (SECI) was about to sell the power to state electricity companies but SECI could not find any buyers. That’s why it could not enter into a corresponding power purchase agreement with Adani Group and Azure Power. Right after this, the defendants come with plans to bribe state government officials of India to buy power from Solar Energy Corporation of India (SECI).
According to a press release by the Attorney’s Office of the Eastern District of New York, Defendants paid $250 million to Indian Government Officials over the years between 2020 and 2024, to obtain a profitable Solar Energy Contract with Indian Government. Which were projected to generate a $2 billion profit after tax (PAT) for almost 20 years. Gautam Adani has personally met Indian Government officials several times to advance this bribery scheme.
Indictment In the US: It is a formal written accusation originating with a prosecutor, which is issued by The Grand Jury against a party charged with a crime. When a person or group is indicted, then they are given a formal notice that they are believed to have committed a crime. Now they can hire a defense lawyer and take steps to defend themselves.
Why Indictment In the US: Adani and others have been indicted by the US because they had raised money from US investors for the “Bribery Scheme”.
Rahul Gandhi’s Demands And Stands.
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During a press conference on Thursday, Congress leader Rahul Gandhi demanded for immediate arrest of billionaire Gautam Adani and addressed the US bribery and fraud case in which Gautam Adani and his associates paid $250 million to Indian Government Officials. He emphasized that Gautam Adani And his associates have broken both American and Indian laws.
“It is now pretty clear and established in America that Mr Gautam Adani has broken both American and Indian laws and now he has been indicted in the United States. I am wondering why Mr Adani is still running around as a free man in the country,” he said in the press.
Gandhi further added, targeting Prime Minister (PM) Narendra Modi that PM Modi has lost the “ability to arrest Mr Gautam Adani” as the whole BJP structure is funded.
What is The BJP Party Stand?
On the other hand hand BJB party which is currently a ruling party, instead of investigating this fraud and bribery case, is cooking something else. BJP leader Amit Malviya on Thursday questioned the timing of the report. And BJP targeted the Congress in this issue.
This is nonsense going on in the country by these ruling parties and these billionaires are doing fraud and bribery again and again. What do you think about all these matters and do you want that a strict step should be taken? Comment below.
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