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The United States is putting a stringent probe on the Adani group, with the motive of the latter being involved with bribing or soliciting favors regarding an energy project, involving several highly notable stakeholders.
The US attorney's office is said to be leading this investigation from New York’s Eastern district office, alongside the fraud unit of the Justice Department in Washington, both of whom are keeping a close eye on the renewable energy company, Azure Power Global.
“We are not aware of any investigation against our chairman [Gautam Adani],” the Adani Group said to Bloomberg News.
Since the bust of the Hindenburg report, against the Adani group, several departments belonging to the United States government, have initiated an inquiry into the group's activities, including their upfront dealings with foreign investors, especially the ones belonging to the US.
In January 2023, a groundbreaking discovery was produced by the American covert short-selling group, The Hindenburg Research, when they came out with substantive evidence of the Adani group’s involvement in financial fraud, Tax diversion, and other booking errors. The Adani Group has since denied all the allegations made. Still, the market simultaneously took a different turn, as the share prices dropped drastically, recording a loss of $111 billion for the stakeholders, and outside investors, amounting to the biggest drop in price ever recorded.
Symmetrically, The Supreme Court of India had seen a series of petitions being put forth, demanding a complete court-ordered investigation be initiated by the Indian authorities, into these allegations, with a sheer passion for brewing nationalism.
The Securities and Exchange Board of India (SEBI), had requested the apex court to help form an elite unit, with the objective of undertaking this mission, although this request was later dismissed by the court.
The regulator of the stock market in the United States, the Securities and Exchange Commission (SEC), has also launched a probe into the Adani Group's market history.
This investigation is being greatly emphasized as the Adani Group, alongside Azure has a tremendous global outreach and support, leading them to acquire vast capital, and an extensive portfolio consisting of grants from millionaire units.
Source Credit: Scroll.in
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