Adani Group’s ₹2000 Crore Bribery Scandal

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₹2000 Crore Bribery Scandal: Adani Group’s Unraveling and the Trail of Allegations

It all began on November 20, 2024. Gautam Adani, India’s business mogul, seemed to be riding high on success as his company raised $600 million through bond sales. By evening, he enjoyed a peaceful game of cards with his wife, blissfully unaware of the storm that was about to descend.

At 3 AM, Adani’s world came crashing down with the news that an arrest warrant had been issued against him in the United States. The charges? Bribery and corruption amounting to ₹2000 crore.

This wasn’t just another accusation—it was an indictment, akin to a criminal chargesheet in India. And it wasn’t just about one bribe or deal; this was the culmination of years of controversies, from land scams and tax evasion to the explosive Hindenburg Report revelations.

The ₹2000 Crore Bribery Scandal What the U.S. Found

The Long Trail of Allegations Against Adani

Gautam Adani’s rise to the top has been shadowed by a series of allegations, starting with land acquisition deals in Gujarat during Narendra Modi’s tenure as Chief Minister. While companies like Tata paid ₹1,000 per square meter for industrial land, Adani secured vast tracts for just ₹32 per square meter—a fraction of the market price.

In 2015, a CAG report exposed how wrongful forest land classification benefited Adani’s companies by ₹580 million. This was followed by accusations of tax evasion, environmental violations, and questionable deals involving coal imports and ports.

Then came the Hindenburg Report in 2023, branding Adani’s empire as “the biggest corporate fraud in history.” The report alleged the use of offshore shell companies to manipulate stock prices and siphon money, with evidence pointing to Gautam Adani’s brother, Vinod Adani.

The ₹2000 Crore Bribery Scandal: What the U.S. Found

The current bribery allegations date back to 2020 when Adani Green Energy won India’s largest solar energy development contract. The project was supposed to revolutionize renewable energy, but there was one problem: state governments didn’t want to pay the inflated energy prices.

To resolve this, prosecutors allege that Adani Group resorted to bribery, paying ₹20.39 billion to various state officials.

Key revelations include:

  • “Bribe Notes”: Detailed records kept by Sagar Adani documenting payments, recipients, and energy volumes purchased.
  • WhatsApp Chats: Conversations between executives discussing how to double “incentives” to push contracts.
  • Specific Deals: A ₹17.5 billion bribe allegedly offered to Andhra Pradesh officials. Other implicated states included Tamil Nadu, Odisha, and Chhattisgarh.

These bribes ensured that contracts were secured, forcing citizens to pay higher electricity bills.

SEBI, Supreme Court, and Regulatory Failures

While international authorities acted, India’s response has been frustratingly slow. The Securities and Exchange Board of India (SEBI), tasked with overseeing corporate governance, has been under fire for its inaction.

In March 2023, the Supreme Court of India directed SEBI to investigate the allegations from the Hindenburg Report, particularly Adani’s offshore dealings. SEBI was given two months to submit its findings but repeatedly sought extensions, citing the complexity of tracing foreign investors.

Adding to the controversy, SEBI Chairperson Madhabi Buch was accused of a conflict of interest. Hindenburg alleged that Buch had personal investments in offshore funds tied to the Adani Group. Despite her claims that the investments predated her SEBI role, doubts linger about the regulator’s impartiality.

The Role of Indian Politics

The opposition, led by Rahul Gandhi, has called for Adani’s arrest and demanded a Joint Parliamentary Committee (JPC) to investigate the matter. Gandhi alleges that the government’s inaction stems from Prime Minister Modi’s close ties to Gautam Adani.

In response, the BJP has dismissed the accusations, pointing out that opposition-led states are also implicated in the bribery scandal. This political blame game has further stalled any meaningful action.

Meanwhile, former Delhi Chief Minister Arvind Kejriwal claimed he was pressured to hand over Delhi’s energy corporations to Adani, warning that such deals would have led to unaffordable electricity tariffs for citizens.

The Trump-Adani Connection

The scandal’s global dimension includes Adani’s relationship with former U.S. President Donald Trump. Adani had pledged to invest $10 billion in the U.S., and Trump’s family members were even photographed visiting Adani’s residence in Ahmedabad.

With Trump poised for a potential return to power, some speculate that a change in U.S. leadership could alter the trajectory of the case. Adani, aware of these dynamics, has been strategic in maintaining ties with influential American politicians.

The Global Fallout

The repercussions of these allegations have been swift and far-reaching.

  • Kenya: Canceled Adani’s contracts for power lines and airport operations.
  • Sri Lanka: Initiated a review of power purchase agreements with Adani.
  • Bangladesh: Hired a legal firm to investigate Adani’s projects.
  • Norway: Blacklisted Adani Ports due to human rights concerns.

How It Impacts Ordinary Indians

While the scandal unfolds on a global stage, the real victims are everyday Indians. Allegations of inflated energy prices mean that citizens in states like Andhra Pradesh, Tamil Nadu, and Odisha may have been overpaying for electricity.

The land scams further highlight how public resources were sold at throwaway prices, depriving communities of their rightful share of development.

A Call for Transparency

As Adani faces international scrutiny, India must step up. The Supreme Court, SEBI, and other institutions need to prioritize public interest over political allegiances.

A fair and independent investigation is not just necessary—it’s essential to restore faith in the system. Whether it’s through a Joint Parliamentary Committee or stricter regulatory oversight, the time for action is now.

Conclusion

From land scams to bribery and regulatory failures, the Adani Group’s controversies represent a systemic breakdown of accountability. The stakes are high—not just for Adani but for India’s reputation as a democratic and transparent nation.

What do you think? Will justice be served, or will the powerful evade accountability once again? Share your thoughts below.

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