No documentary basis yet to start a probe into Adani fraud charges: SECI Chief

The Solar Energy Corporation of India (SECI) said there was no basis to start an investigation yet over reports of a US court indicting Gautam Adani and seven others on charges of fraud and bribery related to a solar power contract that the government agency had awarded to an Adani Group company.

There has been no official communication from the US authorities or any authentic source on the case, SECI chairman and managing director RP Gupta told ET on Thursday. "We have nothing so far to start an investigation. We have no material on it except what I am seeing in the media."

As per US court documents, Adani Green Energy had won a letter of award from SECI for the supply of solar power. The 12 GW contract also involved supply from another company. Under the terms, SECI was to find buyers for the power.


According to the US documents, Gautam Adani and others offered about ₹2,029 crore in bribes to Indian government officials in exchange for agreements between SECI and state power distribution companies to purchase power produced by Adani Green's solar plants.

"Even in what is quoted so far in reports, there is nothing against anyone in SECI or any wrongdoing from its side. It is only for tendering and signing of power purchase agreements and power sale agreements," Gupta said.

If any communication is made with SECI officially, then it will see if any of the covenants with the company have been violated, he said.

"That (investigation) is when something comes to me. I cannot perceive based on the media," he said.

The Adani Group has denied any wrongdoing saying the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless. The group also said it would seek all possible legal recourse.