Adani Bribery Scandal: SECI& Power Ministry’s Silence Speaks Volumes – Moneylife
The Adani bribery scandal has been making headlines lately, but one key player, the Solar Energy Corporation of India (SECI), has been notably quiet in the midst of it all. Their silence is deafening, considering their central role in the scandal involving the Adani group. With all eyes on SECI, many are wondering why they have not launched an investigation or spoken up about the controversy.
Total Energies, a French company, recently announced that they would not be contributing any more funds to the Adani group, causing shares of Adani Green Energy Ltd to plummet. Total Energies claimed they were unaware of any investigation into corruption involving the Adani group, confirming suspicions raised by the US Department of Justice.
According to US SEC filings, Adani Green Energy was allegedly involved in a bribery scheme to secure power purchase contracts. These contracts were crucial for Adani’s goal of becoming the world’s largest private solar power producer. Deals between power distribution companies and SECI played a significant role in this scheme.
The Adani group, along with Azure Global Power, allegedly participated in bribery schemes to secure these contracts. If SECI could convince state DISCOMs to purchase power at high prices, Adani Green and Azure stood to make significant profits. These high prices raised questions about SECI’s decision-making process and the government’s involvement in allowing such inflated tariffs.
Former Union Secretary EAS Sarma has raised concerns about the Ministry of Power’s role in promoting corruption in the solar sector. By compelling state utilities to purchase power from centralised solar plants at inflated prices, the ministry may have inadvertently facilitated corruption involving companies like Adani and Azure.
The allegations in the US filings have brought to light the murky world of corporate dealings and government involvement in the solar energy sector. With questions looming over SECI’s silence and the Ministry of Power’s directives, it’s clear that the fallout from the Adani scandal is far-reaching and raises concerns about transparency and accountability in the energy industry.
