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The US Prosecutors have made allegations that some officials have been paid by the Adani Group Paid $ 250 million as a bribe for securing solar energy contracts, later seeking investments from US investors. As per information from reliable sources, the US authorities have indicted Gautam Adani and his nephew Sagar Adani along with six others in the alleged offenses.
US Prosecutors Charge Adani Group
As per the US prosecutors, the contracts were allegedly given by Solar Energy Corporation of India a state-owned entity to Adani Green Energy of Adani Group and one more renewable energy company listed on the New York Stock Exchange (NYSE), during the period December 2019 to July 2020.
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Investment of $ 6 billion in solar energy was projected by a New York Times (NYT) report to generate above $ 2 billion post-tax profits over 20 years as stated in the indictment.
US Media Reports On Adani Group
As per the NYT report, the Solar Energy Corporation of India had been struggling to get customers owing to the high and expensive costs of energy for the Indian States. Whereas the US prosecutors have alleged that Adani along with their associates used bribes to convince the Indian states to buy solar energy from them, which is also termed as the “world’s largest solar award“.
[Also Read: Gautam Adani Big Surprise Partnership]
Adani Green Energy Limited Announcement
Adani Green Energy Limited had announced in June 2020, after procuring the contract that, AGEL would be developing about 8 GW of solar projects, with the commitment that Adani Solar would establish about 2 GW of the additional solar cell plant along with module manufacturing capacity. This award, being the largest of its kind was expected to generate a huge single investment of US E$ 6 billion (Rs. 45,000 crores), besides creating 4,00,000 direct and indirect jobs, and also ensure a displacement of about 900 million tonnes of carbon dioxide in its lifetime period.
[Also Read: US & Canada Target Indian Economy: All You Should Know]
Adani Group And Denial Of Allegations
The Adani Group has denied the allegations made against them by the US Department of Justice and the US Securities and Exchange Commission and has termed the allegations as baseless and totally unfounded.
Involvement Of Indian States And Their Chief Ministers
In the US indictment, the Indian States have also been clearly named. The Indian states named are: 1. Andhra Pradesh, 2. Chhattisgarh, 3. Odisha, and 4. Tamil Nadu.
The Chief Ministers of those Indian States during the alleged period of the solar award deal are:
Andhra Pradesh: Y. S. Jaganmohan Reddy
Chhattisgarh: Bhupesh Baghel
Odisha: Naveen Patnaik
Tamil Nadu: Edappadi K. Palaniswami
Here it is important to note that the above said Chief Ministers are all linked with the Indian National Congress Party either directly or indirectly.
[Also Read: Is the Indian UPI Leading to USD De-Dollarization? Analyze The Secret Now]
Action Against Indian Congress Politicians
Here it is important to note whether the Government of India under the leadership of PM Narendra Modi takes cognizance of the US indictment and initiates Suo-Motto strict proceedings against the alleged involvement of the Indian politicians (who are all directly or indirectly linked with the Indian National Congress Party) in the alleged US bribery case.
Conclusion
The US authorities like the US Department of Justice and US Securities and Exchange Commission, under the leadership of the current US President Joe Biden, have committed grave blunders by making the indictment against the Adani Group and thereby widely exposing their active involvement in Indian domestic affairs and their support to Indian politician to politician like Rahul Gandhi and others and also vastly exposing their ecosystem within India running with the support of the US Deep State and the leftists and communists in India.
As per the widely known methods of working of the Government of India and Rahul Gandhi the top-level leader of the Indian National Congress Party, it is understood that Rahul Gandhi would foolishly use this controversy to disrupt the proceedings of the ensuing Parliamentary winter session, thereby constraining the honest Narendra Modi Government to take cognizance of the US indictment and take strict legal action against the Indian politicians being the then Chief Ministers of the Indian States during the period mentioned in the Us indictment.
What is the Adani indictment?
The Adani indictment is about an alleged fraud in the US, wherein arrest warrants have been issued against Gautam Adani and his nephew Sagar Adani for their alleged roles in some alleged $265 million scheme during the period December 2019 to July 2020, for allegedly bribing Indian Officials for securing power-supply deals or power purchase agreements.
What is the legal trouble with Adani?
The US authorities have charged the Adani Group chief Gautam Adani along with his nephew Sagar Adani and Vineet Jain for allegedly bribing Indian Official for signing power-supply agreements in the period December 2019 to July 2020, which could bring in profits about $ 2 billion profit.
What is the controversy with the Adani family?
Gautam Adani is married to Priti Adani. The couple have two sons, including Karan Adani, who is CEO of Adani Ports & SEZ. Adani and his associate, Shantilal Patel, were allegedly abducted and held hostage In January 1998, by two former gangsters Fazl-ur-Rehman and Bhogilal Darji, for ransom.
Which Adani share to buy for long term?
Adani Group’s diverse portfolio, government support, and global expansion potential offer long-term growth prospects. However, high debt, regulatory risks, and market volatility are significant concerns. Thorough research, careful consideration of risk tolerance, and professional advice are crucial before investing in Adani shares.
Key Factors to Consider:
Diversification: Adani Group’s expansion into various sectors, including energy, ports, logistics, and infrastructure, provides diverse growth opportunities.
Government Support: The Indian government’s focus on infrastructure development and energy transition can positively impact Adani Group’s businesses.
Global Expansion: Adani Group’s increasing global presence can open up new markets and revenue streams.
Risks and Considerations:
High Debt: Adani Group’s significant debt burden could pose challenges during economic downturns or interest rate hikes.
Regulatory Risks: The group’s rapid expansion and ambitious projects may face regulatory hurdles and scrutiny.
Market Volatility: Adani Group stocks have been highly volatile, and their prices can fluctuate significantly due to market sentiment and news events.
Due Diligence is Essential:
Before investing in any Adani share, it is crucial to conduct thorough research and consider the following:
Fundamental Analysis: Properly evaluate the company’s financial performance, debt levels, and future growth prospects.
Valuation: Assess the stock’s valuation relative to its peers and historical performance.
Risk Tolerance: Consider your risk tolerance and investment horizon before investing in volatile stocks.
Diversification: Spread all your investments across various sectors and asset classes to effectively manage risks.
Professional Advice: Consult with a financial advisor to get personalized advice based on your specific financial goals and risk profile.
Disclaimer: This information is not financial advice. Please consult a qualified and competent financial advisor before making any investment decisions.
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