This constitutes fraud under US federal securities law and, if proven, may invite criminal liabilities.
The US case rests on the premise that Adani Green bribed government officials in Odisha and Andhra Pradesh, and possibly Tamil Nadu, Chhattisgarh and Jammu & Kashmir, to get their power distribution companies (discoms) to commit to purchase solar power at above market rates. The timeline of the alleged bribes is from the middle of 2021 to the end of 2022. The Biju Janata Dal (BJD), YSR Congress, Dravida Munnetra Kazhagam (DMK), and Congress governed four of the states mentioned, while J&K was effectively under central BJP rule.
The Adani Group denied the allegations, calling them "baseless" and vowing to "seek all possible legal recourse".
The conglomerate's spokesperson insisted the company has "always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance."
In the charges unsealed on Wednesday evening eastern time, the US attorney's office for the eastern district court of New York, alleged that between 2020 and 2024, senior executives of Adani Green and associated entities "conspired to misrepresent the company's anti-bribery practices" to US investors and international financial institutions. The indictment added that Adani and others also "concealed" from the same investors their bribery of Indian government officials to obtain billions of dollars of financing for green energy projects", included the "corrupt solar energy supply contracts" for which they were raising funds.
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