After the US accused the Adani Group, one name is being discussed in full swing. That name is Gautam Adani’s nephew Sagar Adani. Several allegations of fraud have been leveled against Adani, one of the richest people in the world, and seven other defendants. Sagar is also included in this. Officials claimed that these seven people, including Gautam Adani, had paid a bribe of about $ 265 million to get this project. However, the Adani Group has rejected these allegations.
Sagar Adani is the son of Gautam Adani’s brother Rajesh Adani. He is one of the founder members of the Adani Group. Sagar is the executive director at Adani Green Energy, where his father also holds the post of director. He joined the Adani Group in 2015 after taking a degree in economics from Brown University in the US. He is credited with advancing the sailar and wind energy portfolio of Adani Green Energy.
According to the company’s website, Sagar looks after the strategic, financial and structural development of the Adani Group. According to a Bloomberg report, Sagar is one of the four potential successors to Gautam Adani’s business. Sagar is accompanied by his sons Karan and Jeet Adani, as well as his cousin Pranav Adani.
The US Justice Department claimed in a New York court that veteran businessman Gautam Adani and other associates conspired to defraud investors for their own benefit. Also, the accused conspired to bribe Indian government officials to obtain contracts worth trillions of rupees. However, the indictment clearly states that these are allegations and the accused will be considered innocent until proven guilty. According to court records, some of the people involved in the conspiracy used to privately call Gautam Adani by the code name Numero Uno i.e. Number One and The Big Man.
According to a report, Gautam Adani and his nephew Sagar are accused of hatching a scheme to secure a solar power project in India and misleading investors during a $750 million bond offering that raised about $175 million from US investors.
US authorities allege that Adani, Sagar and six others conspired to pay $265 million in bribes to Indian government officials to secure a contract to develop India’s largest solar power plant, expected to generate $2 billion in profits over 20 years.
