US SEC exposed how Adani bribed YSRCP government officials, says TDP leader 

TDP spokesperson Anam Venkata Ramana Reddy has said that the previous YSR Congress Party (YSRCP) government led by Y.S. Jagan Mohan Reddy had signed Power Purchase Agreements (PPAs) for renewable energy with the Adani Group at exorbitant prices.

TDP spokesperson Anam Venkata Ramana Reddy has said that the previous YSR Congress Party (YSRCP) government led by Y.S. Jagan Mohan Reddy had signed Power Purchase Agreements (PPAs) for renewable energy with the Adani Group at exorbitant prices.

Other States had backed off by saying that they could not afford to buy renewable energy at the prices fixed by Solar Energy Corporation of India (SECI) as the cost of renewable power generation was coming down at that time, he pointed out while addressing the media at the TDP’s central office near Magalagieri in Guntur district on November 27 ( Wednesday).

“What is the reason for signing those PPAs at higher prices if not for bribes?” Mr. Ramana Reddy questioned. “Bribes paid to Mr. Jagan Mohan Reddy and his cronies amounted to roughly ₹1,675 crore as alleged by the U.S. Federal Bureau of Investigation from the internal records of Adani Group,” he said, adding that the US Securities & Exchange Commission (SEC) has exposed the bribing case.

Mr. Venkata Ramana Reddy said that the US SEC of the U.S.A. demanded a ‘trial by jury’ and the judgement would be pronounced in less than a year.

Quoting from a draft copy of the case filed by US SEC in the Eastern District Court of New York, he said that the SECI expected to sign the PPAs with winning bidders i.e. Adani Green and Azure Power, within 90 days of issuing the Letters of Award.

Instead, the PPAs took more than 18 months and their execution by the SECI happened only after Gautam Adani and Sagar Adani undertook a massive bribery scheme to incentivise Andhtra Pradesh government officials to enter into contracts with SECI to buy energy at the given market rates. 

The TDP leader said the relevant files had since been processed overnight and the then Energy Minister Balineni Srinivasa Reddy was fortunate not to have appended his signature thereto.