Former A.P. CM Jagan was bribed by Adani, says indictment statement - The HINDU

[Anta Assamey]

The indictment statement by the U.S. Securities and Exchange Commission (USSEC) has accused the Adani Group of bribing former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy among other officials.

Updated - November 21, 2024 06:25 pm IST

  

Former CM Y.S. Jagan Mohan Reddy interacting with Adani Group chairman Gautam Adani. File | Photo Credit: Special Arrangement 

The Power Supply Agreements (PSAs) by Andhra Pradesh’s electricity distribution companies are under scanner in the $265 million bribery case unearthed by the U.S. The indictment statement by the U.S. Securities and Exchange Commission (USSEC) has accused the Adani Group of bribing former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy among other officials.

The Adani group on Thursday (November 21, 2024) denied bribery allegations made by the U.S. DoJ and SEC. The group, in an official statement, termed the allegations as baseless and said the defendants are “presumed innocent until proven guilty”. “All possible legal recourse will be sought”, the conglomerate said, adding that the Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance.

A U.S. court indicted Gautam Adani and seven others including his nephew Sagar and 3 other executives on charges of fraud and bribery. The case pertained to a deal between Adani Green Energy and a U.S. firm to sell 12 gigawatts of solar power to various states. The charges came on a day when the firm planned a green bond launch in the U.S. The Adani subsidiary eventually cancelled the sale.

In a brief press conference, Congress leader Rahul Gandhi accused the Prime Minister Narendra Modi of protecting Mr. Adani. “PM Modi is involved in corruption with Adani. In India if Modi and Adani are together, they are safe, no one can harm them. We are demanding Mr. Adani’s arrest in India and also investigation against Madhabi Puri Buch from the position of SEBI chief,” Mr. Gandhi said.

Adani’s stocks nosedived as reports of a possible arrest of one of India’s richest businessman looms large. The Congress, which has repeatedly sought a JPC probe into the “Adani Mega Scam” said it’s stand has been vindicated.

 

https://www.thehindu.com/news/national/adani-charged-with-bribery-scheme-live-updates-adani-dollar-bonds-tumble/article68892464.ece

[Pavanonline]

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