Share prices of Adani Group companies crashed sharply by up to 20% on Thursday following charges against Gautam Adani and seven others in the United States regarding a multibillion-dollar bribery and fraud scheme. The US authorities allege that the group allegedly bribed Indian officials for securing solar energy contracts.
The then YS Jagan Mohan Reddy Government’s name also figured in the document. Adani reportedly bribed an unnamed official in the Andhra Pradesh Government to advance the execution of a Power Sale Agreement with Discoms of Andhra Pradesh.
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This happened in August and September of 2021.
The document mentions that Gautami Adani met YS Jagan Mohan Reddy in August 2021 and pursued to advance the deal. Apparently, the deal worth 1750 Crore moved after Adani offered a bribe to Government officials of Andhra Pradesh.
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They say the Bribe amounts to approximately $200 Million.
This has become a nationwide issue. Since Adani is perceived to be close to the BJP, the Congress Party is going to make it a Nationwide issue.
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Since the probe is going to happen in the United States, the interference of the Central Government is unlikely to work.
Since the NDA Government at the center is dependent on the MPs of the Telugu Desam Party, there are speculations that Jagan may try to move along with Congress in the coming days. Congress may become skeptical about YSR Congress now since the Adani Scam may become crucial for them to corner the BJP.
If the case is pursued seriously, it will be more trouble for Jagan.
Jagan can claim Political Vendetta in the disproportionate assets cases and Viveka’s murder case but since the Adani Scam was unearthed by the authorities of the United States Government, there is no such chance.
Jagan can only expect the BJP to dilute the case somehow to help Adani.
