'Adani codename numero uno; bribery scheme recorded': Who stands accused in US indictment?

Published On : 2024-11-22T20:05:11+0530 [ IST ] | Author : Mayur_Tembhare
Reading Time : 2 mins
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New Delhi: US prosecutors have indicted billionaire Gautam Adani and his nephew Sagar Adani among others for their alleged involvement in a $265 million (Rs 2,000 crore) bribery case to secure solar power supply contracts in India.

In the US Arrest warrants have been issued for Gautam and Sagar Adani with prosecutors planning to hand these warrants to foreign law enforcement according to court records cited by Reuters.

Separately the US Securities and Exchange Commission (SEC) charged Gautam and Sagar Adani with raising funds from US investors through “false and misleading statements”.

Who is indicted?

Gautam Adani | Chairman Adani Green EnergyLtdSagar Adani | Executive Director Adani Green Energy; nephew of Gautam AdaniVneet Jaain | Former CEO Adani Green EnergyRajnit Gupta | Former CEO Azure PowerRupesh Agarwal

CoconspiratorsCoconspirators

Co-conspirators

Co-Conspirator #1 | UK citizen, non-executive chairman of AzureCo-Conspirator #2 | High-ranking Indian executive Azure PowerForeign Official #1 | Andhra Pradesh government official

(Designations refer to roles during the alleged period.)

What is the case about?

Tell me the case?

The DoJ filed a five-count criminal indictment alleging that Adani executives orchestrated a $265 million bribery scheme to secure solar power contracts between 2020 and 2024.

The complaint accuses Adani Group of raising money from US investors while concealing their bribery activities.

Alleged 'why' and 'how'Alleged 'why' and 'how'

Why and how?

Between December 2019 and July 2020 Adani Green and Azure Power were awarded by the Solar Energy Corporation of India (SECI) Letters of Award for 12 GW of solar power.

SECI struggled to sign power purchase agreements (PPAs) due to high tariffs in the LoAs, jeopardising the deals.

A total of Rs 2,029 crore was allegedly paid to state officials for signing power supply agreements (PSAs).

Key eventsKey events

Key events

Tamil Nadu Odisha Jammu & Kashmir Chhattisgarh and Andhra Pradesh signed PSAs with SECI (July 2021-February 2022).

Andhra Pradesh accounted for 7 GW with Rs 1,750 crore reportedly paid as bribes after Gautam Adani allegedly met the then-chief minister in August 2021.

What the indictment revealsWhat the indictment reveals

What the indictment reveals

The bribery scheme was meticulously documented.

Sagar Adani tracked bribes on his phone while Vneet Jaain photographed documents detailing bribe amounts.

Rupesh Agarwal created PowerPoint and Excel files analysing payments.

Codenames usedCodenames used

Codenames used

Gautam Adani: "Numero Uno," "Super Aggregator"

Vneet Jaain: "Snake," "Numero Uno Minus One"

SEC allegationsSEC allegations

SEC's allegations are not true.

The SEC accused Gautam and Sagar Adani of misleading US investors by denying bribery allegations.

Both DoJ and SEC highlighted the Adanis’ “personal and intimate involvement” in bribery to influence Indian state officials and secure lucrative contracts.

Bribery breakdownBribery breakdown

Bribery breakdown

Rs 2,029 crore was allegedly promised for PSAs in five states.

Rs 1,750 crore was allocated for Andhra Pradesh alone.

This scandal marks the second major crisis for the Adani Group after the Hindenburg allegations in early 2023. The Adani Group has denied all charges asserting compliance with laws.

Source : Reporters From Sunrise Chronicles

Tags : Codenames , Adani Green , Vneet Jaain , Co , Sagar Adani , Award , Cabanes , h2numero uno minus one "< h2 , Canadian , Adanis ,

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