2024-11-21 16:33:29 :
On November 20, U.S. time, the U.S. Securities and Exchange Commission (SEC), the U.S. securities market regulator, accused Gautam Adani, Sagar Adani and others of being involved in billions of dollars in bribery. and fraudulent schemes.
The securities regulator said: “The U.S. Securities and Exchange Commission today charged Adani Green Energy Ltd. executives Gautam Adani and Sagar Adani with massive bribery charges and Azure Power Global Ltd. executive Cyril Kabanes. Planned accusations.”
The SEC claimed that the plan was implemented to enable the two renewable energy companies to capitalize on multi-billion dollar solar project opportunities. The regulator also claimed that Adani Green raised more than $175 million from U.S. investors and that Azure Power shares trade on the New York Stock Exchange.
“Gautam and Sagar Adani allegedly engaged in a bribery scheme during Adani Green’s September 2021 note issuance that raised $750 million, including approximately $175 million from U.S. investors. Adani Green offering materials include information about its anti- Statements about corruption and anti-bribery efforts that were materially false or misleading given the conduct of Gautam and Sagar Adani,” the filing added.
Who is Sagar Adani?
Sagar Adani is the Executive Director of Adani Green Energy Limited (AEGL). He joined the Adani Group in 2015 after graduating with a degree in economics from Brown University in the United States. Sagar Adani is the nephew of Adani Group Chairman Gautam Adani.
Sagar Adani started his career on ‘projects’ and the Adani Group credits him with building the entire solar and wind portfolio of Adani Green Energy. According to the company’s official website, “He currently oversees Adani Green Energy’s organization building and all strategic and financial matters.”
According to multiple media reports, FBI agents issued a search warrant for Sagar Adani in March 2023 to seek evidence related to bribes and kickbacks to Indian government officials and issued a grand jury subpoena. The search warrants identified crimes, individuals and entities that the U.S. government is investigating, the report said.
FBI agents seized electronic devices in his possession at the time, according to media reports.
What is Adani Group’s response?
Adani Group denies the allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission, calling them baseless.
An Adani spokesperson said on Thursday, November 21: “The allegations brought against Director Adani Green by the U.S. Department of Justice and the U.S. Securities and Exchange Commission are baseless and denied.”
Citing an official press release, the company reiterated that the charges are accusations and Adani Group is presumed innocent unless proven guilty. “The charges in the indictment are merely accusations and the defendants are deemed innocent until proven guilty.”
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