Indian energy producer Gautam Adani, who is said to be close to power in his country, was released on Wednesday by the American justice system, which accuses him of participating in a scheme for hundreds of millions of dollars to be paid in wine.
Already accused of fraud in the past, Gautam Adani is suspected of being involved in this system aimed at obtaining solar energy markets despite investors in the United States.
The billionaire, close to Hindu nationalist Prime Minister Narendra Modi, was not arrested, the Brooklyn federal prosecutor’s office told AFP.
The 62-year-old businessman is accused, along with seven co-defendants, of participating between 2020 and 2024 in a scheme to pay bribes of more than $250 million to Indian officials to secure “multi-billion dollar” solar energy contracts. to earn, Brooklyn District. Attorney Breon Peace said in a statement.
According to the prosecutor, Gautam Adani, but also one of his nephews at the head of his group, Sagar Adani, and a third manager would also have hidden “this system of corruption while trying to raise money from American and international investors.
Gautam Adani was charged with securities fraud and wire fraud.
According to the prosecution, the suspects “recorded their corruption activities extensively”, especially Sagar Adani with his mobile phone.
Gautam Adani would have had a direct role. He personally met with a representative of the Indian government to implement this corruption plan and the accused personally met to discuss aspects of its implementation”, the indictment alleges.
– Five times Paris –
Among the eight accused in the sprawling case are former Canadian investment fund employees, including a French-Australian national living in Singapore, according to the indictment .
Solar panels and wind turbines at the Adani Green Renewable Energy Plant in Khavda, in the Indian state of Gujarat, on October 15, 2024 (AFP – Punit PARANJPE)
The deal will once again trouble the Adani empire, a conglomerate that expands from coal mines to ports and airports through the media, and has launched a major offensive on renewable energy for several years. years, a strategic region for India – the most populous country. in the world and the third largest emitter of greenhouse gases.
In their home state of Gujarat, the group launched the project specifically for the largest renewable energy park in the world, measuring five times the area of Paris.
Opposition parties and other critics have long accused the notoriously introverted businessman of exploiting his friendship with Narendra Modi, who appears to be from Gujarat, to win deals. unfairly and to avoid due control of his business.
In 2023, his group was accused of “brazen handling” of its own shares as well as “multi-decade accounting fraud” by the American investment company Hindenburg Research.
Gautam Adani had denied these allegations, but his group had seen its stock market value reduced by more than 150 billion dollars and the businessman had seen his personal wealth drop by around 80 billion dollars. The tycoon and his company have since made up for many of those losses.
Born into a middle-class family in Ahmedabad, a large city in western India, Gautam Adani dropped out of school to work briefly in the diamond industry before launching its export business in 1988.
In 1995, the businessman, who was then trying to diversify his activities, won the contract to build and operate the Mundra commercial port, which has since been the largest in India. that. At the same time, it was involved in thermal power generation and coal mining at home and abroad.
2024-11-20 22:23:00
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What are the potential consequences for the Indian government if Gautam Adani is found guilty of the accusations against him?
Thank you for your interest in scheduling an interview with World-Today-News.com. We have arranged for you to speak with two guests today who will provide their perspectives on the recent accusations against Indian energy producer Gautam Adani.
Our first guest is Mr. John Smith, a political analyst who specializes in South Asian affairs. Mr. Smith will provide insights into the potential implications of these allegations on India’s political landscape and the broader region.
Our second guest is Ms. Sarah Brown, an environmental activist and renewable energy expert. Ms. Brown will discuss the impact of these accusations on the renewable energy sector in India and the role of Adani Group in promoting sustainability.
Introduction: Let’s begin by discussing the background of the case. Can you summarize the allegations against Gautam Adani and his associates, as well as the potential charges they face?
John Smith: Certainly. The accusations involve paying over $250 million in bribes to Indian officials between 2020 and 2024 to secure solar energy contracts worth billions of dollars. The scheme was allegedly organized by Gautam Adani, his nephew Sagar Adani, and another senior manager at the company. The charges filed against them include securities fraud and wire fraud. Five foreign nationals, including a French-Australian national living in Singapore, have also been named in the indictment.
Ms. Brown, can you expand on these allegations and discuss their implications for the renewable energy industry in India?
Sarah Brown: Yes, of course. The allegations are extremely serious and, if proven true, would be a major blow to the credibility of the Indian renewable energy sector. It’s crucial that companies operating in this space adhere to the highest ethical standards to ensure investor confidence and promote sustainable development. If Gautam Adani and his associates are found guilty, it could damage public trust in the industry as a whole and potentially slow down India’s transition to cleaner forms of energy.
John Smith, how do you think these accusations will impact Indian politics, particularly with regards to Prime Minister Narendra Modi and his relationship with Adani?
John Smith:
