By Web Desk
New Delhi: Gautam Adani, Chairman of the Adani Group, has been charged with corruption in a New York court. The charges relate to securing contracts for a solar energy project expected to generate a profit of 2 billion dollars within 20 years, including the development of the largest solar power plant in India. According to the case, Adani allegedly paid approximately 265 million dollars in bribes to Indian government officials.
Sagar Adani, the heir and Executive Director of Adani Green Energy Limited, Vineet Jain, and five other business executives have also been charged. The indictment claims they concealed corruption details from investors while raising over 3 billion dollars in loans and bonds. The indictment also stated that they concealed bribery related to securing solar energy contracts from US investors.
The case is related to a contract where Adani Green Energy Limited, along with another entity, agreed to sell 12 gigawatts of solar power to the Indian government. Over the past five years, investors have injected billions of dollars into the project. The US indictment alleges that bribes were paid or planned to secure the contract, involving 265 million dollars for government officials.
Sagar Adani has been found to have discussed bribery matters with officials over the phone. Details of these phone calls have been collected as evidence. The US Securities and Exchange Commission has also filed a case against Adani and two co-defendants. Both cases have been filed in the federal court in Brooklyn.
