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, with seven co-defendants, of participating between 2020 and 2024 in a system of bribes of more than $250 million to Indian officials to win markets. “worth billions of dollars” in the solar energy field, 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 be hiding. “this system of corruption as they try to raise money from American and international investors”.
Gautam Adani was charged with securities fraud and wire fraud.
According to the prosecutors, the suspects are said to be “widely documented in their acts of corruption”especially Sagar Adani with his cell phone.
Gautam Adani would have had a direct role. he is “he met personally with a representative of the Indian government to implement this corruption scheme and the accused met personally to discuss aspects of its implementation”prosecuting the prosecution.
Paris five times
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 .
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 charged “shameless treatment” of his own actions as well “accounting fraud over several decades” 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 23:54:00
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How do the corruption accusations against Gautam Adani impact investor confidence in the Indian energy sector?
1) Introduction of the Guests:
Interviewer: Welcome to our program, we have with us today Mr. Rahul Shah, a business analyst expert on Indian conglomerates, and Ms. Sarah James, an energy policy specialist.
2) Adani Group and its Involvement in Solar Energy:
Interviewer: The indictment states that Adani Group was involved in obtaining solar energy markets. Can you both shed some light on the significance of this particular accusation? How have they been operating in the solar energy industry in India?
Mr. Rahul Shah: Gautam Adani, through his energy conglomerate, has been aggressively expanding its presence in the renewable energy sector. Adani Green Energy, a part of the Adani group, is one of the leading players in solar energy production in India. They have set up mega solar parks across India, including in Gujarat, Rajasthan, Tamil Nadu, and other states. This particular case seems to be focused on their dealings with public officials in India for securing various licenses and permissions in the renewable energy sector.
Ms. Sarah James: It’s not surprising that they are expanding their portfolio into renewable energy considering the global shift towards cleaner sources of energy. India is an attractive market due to its huge potential for solar and wind power generation. However, the allegations against them suggest that they are using their influence and political connections to bypass proper bidding processes and secure lucrative deals, which raises questions about transparency and fairness in the industry.
3) Corruption Scheme and Involvement of Gautam Adani:
Interviewer: The indictment alleges that Gautam Adani was directly involved in the corruption scheme. What kind of role did he play, and how was this scheme carried out?
Mr. Rahul Shah: The indictment alleges that Adani met personally with a representative from the Indian government to implement this corruption scheme. This suggests that he had direct involvement and awareness of the scheme. It’s not clear from the publicly available information how this scheme was carried out, but it involved bribes of over $250 million to Indian officials between 2020 and 2024
