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According to Forbes Real Time Billionaires List, 62 year old Gautam Adani’s wealth is $ 56.8 billion (Rs 4.79 lakh crore).
Adani Group Chairman Gautam Adani and his nephew Sagar Adani have been summoned by the US Securities and Commission (SEC) on Saturday. The US SEC has summoned Adani to clarify his stand on the allegations of bribery and fraud leveled against him.
According to the news agency, summons have been sent to Adani’s Shantivan Farm House in Ahmedabad and his nephew Sagar’s Bodakdev Residency in the same city to reply to the SEC within 21 days.
The notice, sent through the New York Eastern District Court, states that ‘Within 21 days after service of this subpoena (not including the date on which you receive this subpoena), you must respond to the attached complaint to the Plaintiff (SEC) or the Federal A motion must be served under Rule 12 of the Rules of Civil Procedure.
If it fails to respond, judgment will be taken against Adani for the relief sought in the complaint. The reply will have to be filed in the court.
Adani Green Energy is setting up a solar plant of 30 thousand MW capacity at a single place in Khavra, Gujarat.
8 people including Gautam Adani accused of fraud worth billions of rupees In fact, on November 21, 8 people including industrialist Gautam Adani have been accused of fraud worth billions of rupees in America. The United States Attorney’s Office says that Adani paid or was planning to pay bribes of $ 265 million (about Rs 2200 crore) to Indian officials to get contracts related to solar energy in India.
This entire matter is related to Adani Group company Adani Green Energy Limited and another firm. This case was registered in the Federal Court of New York on 24 October 2024. In its hearing on Wednesday, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal have been made accused.
According to Reuters report, arrest warrants have also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited.
American investors’ money, hence the case there Adani is accused of lying to American investors and banks to collect this bribe money. The case was registered in America because the money of American investors was invested in the project and under American law, giving that money as bribe is a crime.
Understand the matter like this: Andhra officers got Rs 1,750 crore for purchasing electricity from the central company. gave a bribe
- According to the US Prosecutor, Adani’s company has recently received a contract to provide 12 GW (12 thousand MW) solar energy from the central company Solar Energy Corporation of India (SECI). But, SECI was not able to find buyers in India to buy solar energy. This deal would not have been possible without buyers.
- In such a situation, Adani Green Energy and Azure Power bribed government officials. In 2021, Adani met the then CM of Andhra (Jaganmohan Reddy) and the state government there agreed to purchase 7 thousand MW of electricity. Andhra officers get Rs 25 lakh per MW. That means a total bribe of 200 million dollars (Rs 1750 crore) was given. Odisha similarly purchased 500 MW power.
- After this, between July 2021 and December 2021, SECI entered into agreements to purchase power from Andhra Pradesh, Odisha, Chhattisgarh and Tamil Nadu.
- To pay the bribe money, both the companies allegedly raised $175 million (Rs 1478 crore) from American banks and investors. Used code to hide his role. Adani’s code name was ‘Numero Uno’ or ‘The Big Man’. The deal was done through encrypted messaging.
- Adani is accused of lying to American investors and banks to collect this bribe money. The case was registered in America because the money of American investors was invested in the project and under American law, giving that money as bribe is a crime.
Adani Group has declared all the allegations baseless Adani Group has termed all the allegations as baseless. Issuing a statement on November 21, the group had 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 baseless. We refute them.
The US Justice Department itself said that right now these are just allegations. The accused are considered innocent until proven guilty.
Sagar Adani manages the energy business
Gautam Adani’s nephew, Sagar holds a degree in Economics from Brown University US. Sagar joined Adani Group in 2015. Sagar manages the group’s energy business and finance. He focuses on renewable energy business and plans to make the company the world’s largest renewable energy producer by 2030.
Adani Green Energy has a clean energy portfolio of more than 20 GW.
Adani Green Energy Limited has a clean energy portfolio of more than 20 GW, which includes one of the world’s largest solar power plants in the country’s southern state of Tamil Nadu. Adani Group has set a target of becoming the country’s largest company in this sector by 2030. The market cap of the company is Rs 1.85 lakh crore.
Controversy related to Gautam Adani…
First controversy: Hindenburg Research accused of money laundering : It is from January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. This offer was to open on January 27, 2023, but just before that, on January 24, 2023, Hindenburg Research released a report, in which Adani Group was accused of money laundering and share manipulation.
By January 25, the market value of the group’s shares reduced by about $ 12 billion (about Rs 1 lakh crore). However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also canceled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the case.
After the court’s decision, Adani Group Chairman Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.’
Second controversy: Allegation of selling low-grade coal as high-grade: A month ago, the Financial Times, citing a report by the Organized Crime and Corruption Reporting Project, had claimed that in January 2014, Adani Group had purchased ‘low-grade’ oil from an Indonesian company at a reported price of $28 (about Rs 2360) per tonne. ‘Purchased coal.
The report alleges that this shipment was sold to Tamil Nadu Generation and Distribution Company (TANGEDCO) as high quality coal at an average price of $91.91 (about Rs 7750) per tonne.
Adani Group was earlier accused of rigging the coal import bill.
- Financial Times in one of its reports alleged that Adani Group imported coal from Indonesia at a lower rate and showed higher prices by rigging the bills. Due to this, the group sold the electricity generated from coal to the customers at a higher price.
- The Financial Times examined 30 coal shipments Adani Group imported from Indonesia to India over 32 months between 2019 and 2021. The import records of all these shipments found prices higher than the export declarations. The amount was increased by about ₹582 crore.
Some interesting facts related to Gautam Adani and his journey…
Tried luck in diamond industry: Born on 24 June 1962, Gautam Adani, a college dropout, is from Gujarat. Tried his luck in Mumbai’s diamond industry in the early 1980s. After this, in 1988, he started Adani Group with a small agri trading firm.
It has now transformed into a conglomerate spanning coal trading, mining, logistics, power generation and distribution. Adani Group is also in green energy, airports, data centers and cement industry. Gautam Adani has committed to invest $ 70 billion (Rs 590848 crore) by 2030 to make his group the world’s largest renewable energy producer.
Adani Foundation was established in 1996: Adani Foundation was established in 1996 under the leadership of Gautam Adani’s wife Preeti. Adani Foundation is working in rural areas of India. Currently the Foundation is helping improve the lives of 34 lakh people annually in 18 states of the country. Preeti is a doctor by profession, she has done graduation in Dental Surgery (BDS).
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Case against Adani Group in America: Now it is also on the radar of SEBI, answers sought for hiding information; Violation of rules also investigated
Adani Group’s troubles in India may increase after a case is registered in the American court on bribery charges. SEBI is probing whether the group violated rules on disclosing market-impacting information?
Meanwhile, SEBI has also sought clarification from the group. SEBI has sought answers regarding the cancellation of the airport expansion deal in Kenya and the case in America. However, the group is yet to respond. Read the full news…
Loan of Rs 2.41 lakh crore on Adani companies: They have Rs 59791 crore in cash, enough to repay the loan for 30 months.
Adani Group, surrounded by allegations of allegedly paying bribe for a big contract, has a debt of Rs 2.41 lakh crore. International capital market (foreign bonds) and global banks have 55% stake in it. 33% stake is held by domestic financial institutions, NBFCs and government banks.
As of Friday, the market cap of all the 10 listed companies of Adani Group is Rs 11.94 lakh crore. This means the company has debt at 20.10% of total assets. The outstanding loans of government banks constitute 15% of the total debt. Read the full news…
