Following the charges brought by US prosecutors against Gautam Adani, Chairman of the Adani Group, for alleged bribery and fraud, BJP leader Amit Malviya has raised concerns about the timing of the revelations. Malviya, speaking on Thursday, highlighted that the report’s release coincided with the upcoming Parliament session and speculated on its connection to Donald Trump’s potential return to the presidency.
In a post on X (formerly Twitter), Malviya criticized the Congress party, particularly Jairam Ramesh, who has demanded a Joint Parliamentary Committee (JPC) probe into the allegations.
Alleged Bribery Scheme
Malviya detailed the allegations, stating:
“The charges focus on a US-India agreement to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI signing Power Purchase Agreements (PPAs) with State Distribution Companies (SDCs). Under a collaboration between Adani Green Energy and US-based Azure Power, Azure was allocated 4 GW, while Adani Green Energy was given 8 GW.”
He emphasized that the alleged bribery payments, amounting to $265 million between July 2021 and February 2022, were made to SDCs in opposition-ruled states such as Odisha (BJD), Tamil Nadu (DMK), Chhattisgarh (Congress), and Andhra Pradesh (YSRCP), with Andhra Pradesh receiving the largest share.
“Before pointing fingers, Congress and its allies must answer for the bribes allegedly accepted by these states,” Malviya added.
Concerns Over Sovereignty and Double Standards
Malviya also noted that an Indian court could similarly accuse American firms of bribing US officials to deny access to Indian markets.
“Should we let the law take its course and allow the corporations involved to defend themselves, or should we involve ourselves in another country’s domestic politics? The Congress’s eagerness to act as a tool for foreign interests like George Soros and his associates is telling,” he wrote.
Congress Responds
Earlier, Jairam Ramesh of the Congress party reiterated his demand for a JPC investigation, asserting that the US charges validated concerns raised about alleged irregularities involving the Adani Group.
Adani Green Energy Reacts
Adani Green Energy, in its first response, announced it would no longer proceed with its proposed USD-denominated bond offering. In a regulatory filing, the company stated:
“The US Department of Justice and the Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint against our Board members Gautam Adani, Sagar Adani, and Vneet Jaain. In light of these developments, our subsidiaries have decided not to proceed with the proposed bond offerings.”
Details of US Indictment
The charges, as announced by the US Attorney’s Office for the Eastern District of New York, include allegations of securities fraud, wire fraud, and bribery under the Foreign Corrupt Practices Act. The indictment names Gautam Adani, Sagar Adani, Vneet Jaain, and others. Prosecutors claim the individuals engaged in a multi-billion-dollar scheme to secure funds based on false and misleading information.
The charges remain allegations, and the defendants are presumed innocent until proven guilty.
