Sucheta Dalal, the managing editor of Moneylife and India’s foremost financial journalist, says the 54-page US indictment of Gautam Adani, his nephew Sagar and six other people, for allegedly giving bribes of around $265 million to various Indian government officials for securing power purchasing agreements during the period 2020-2024 is a detailed document which reveals that not only did Gautam Adani fail to inform SEBI and the Indian stock exchange of the FBI raid in March 2023 and the US Department of Justice investigation, which he was required to do, but, thereafter, lied when he denied that either had happened.
A Bloomberg story of March 2024 says the Adani Group told the news agency “we are not aware of any investigation against our Chairman”.
Dalal says the 54-page US indictment has “established” that the Adani Group paid bribes and was thus in breach of America’s Foreign Corrupt Practices Act. “The connection seems, on the face of it, pretty well established”, she said. She was referring to the connection between the Adani Group raising money in America and the claim that they paid bribes in India.
