The US Government has alleged that Adani Group raised money to fund $250 Mn bribe to Indian Govt Officials.
Adani won a renewable energy project in which it had to supply solar energy to State Distribution companies.
Due to prices above market rates, there were no buyers for this solar power.
So, Adani allegedly bribed the officials & signed power purchase agreements with electricity distribution companies.
The US Govt. alleges that this bribe money was raised from American Financial Institutions.
Adani Group issued a statement that the allegations are ‘baseless’ & it is compliant with rules & regulations.
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