The US indictment against Gautam Adani does not name any Indian officials but prominently references the Solar Energy Corporation of India (SECI), a government agency under India’s Ministry of New and Renewable Energy.
SECI is responsible for facilitating solar energy projects and acting as an intermediary between developers and state power distributors.
Court documents have mentioned the agency in the alleged $265 million bribery scheme.
SECI’s responsibilities include issuing tenders, procuring power from developers such as Adani Green Energy and Azure Power, and selling it to DISCOMs in states such as Tamil Nadu, Chhattisgarh, Andhra Pradesh, Jammu & Kashmir, and Odisha.
According to the indictment, these agreements were secured through bribes paid to state officials, with Andhra Pradesh alone allegedly receiving Rs 1,750 crore ($228 million).
The case involves Adani Green Energy, a publicly traded entity with a market capitalisation of Rs 2.24 lakh crore, and Azure Power, founded in 2008 and previously listed on the New York Stock Exchange. Azure Power delisted in November 2023 but continues trading on the over-the-counter market.
Adani Green Energy is one of the ten listed firms in the Adani Group portfolio.
The latest charges have rattled markets, with Adani Group stocks tumbling by up to 20% on Thursday. The group also scrapped a $600 million dollar bond sale, and its US-issued notes saw steep declines in Asian trading. These moves signal a deepening crisis for the conglomerate, which had been rebuilding its reputation after last year’s allegations of stock manipulation by Hindenburg Research.
This case has already reignited concerns about the group’s practices and global credibility, with SECI’s role under scrutiny in a growing investigation.
In a statement, the Adani Group denied the allegations and said that the charges made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless.
“As stated by the US Department of Justice itself, the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” the group said in its official statement.