Gautam Adani, Chairman of the Adani Group, is under investigation in the United States following allegations of a significant bribe related to a solar project. The case, which also implicates Adani’s nephew, Sagar, and seven others, revolves around claims that a substantial bribe was paid to secure a major solar power contract in India.
New Twist in the Investigation
In a recent development, the U.S. Securities and Exchange Commission (SEC) has issued a summons to Sagar Adani, requesting clarification regarding the allegations. The notice, sent to Sagar’s residence in Bodakdev, Ahmedabad, demands a response within 21 days. Failure to comply may result in a ruling against him, according to the SEC.
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Alleged Bribe and Legal Repercussions
The allegations state that officials from the Adani Group paid approximately Rs 2,200 crore in bribes as part of a deal to secure India’s largest solar power plant project. The U.S. investigators have linked this payment to the Foreign Corrupt Practices Act (FCPA), which governs corruption involving American investors. If the case results in a conviction, Adani and his associates could face penalties, including a $2 million fine and potential imprisonment for up to five years.
The project involved a partnership with American solar production companies, which were expected to supply solar power in India for the next 20 years. The bribery allegations suggest that Adani used the payment to ensure the contract was awarded to his company.
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