No Action on Jagan and Adani Bribe Allegations

There are reports that the central government is unlikely to take any action in the Adani and Jagan bribery case. American investigative agencies have filed a case alleging that Adani illegally collected funds in the United States, with clear evidence supporting this claim. The case suggests that Adani paid bribes to influential figures in five Indian states, including a bribe of around Rs. 1,600 crore to former Andhra Pradesh Chief Minister Y.S. Jaganmohan Reddy. Notices have already been issued to Adani and others in his company, asking them to respond within 21 days. This issue has become a hot topic of discussion, especially in business and political circles. However, despite the evidence, there are no indications that the central government is taking the matter seriously. Opposition parties are raising their voices in Parliament, but reports suggest that Prime Minister Narendra Modi is unlikely to take action against Adani.

Support from GQG Partners:

Adani has received strong backing from GQG Partners, which has invested about Rs. 80,000 crore in Adani companies. Rajiv Jain, a representative of GQG Partners, has downplayed the bribery allegations, saying that paying bribes is common in the business world and is not a serious issue. He stated that Adani will likely face fines in the case filed by the American authorities, but these are just routine issues in commercial activities and should not be taken seriously. Although the investments by GQG Partners in Adani companies dropped by around 20% when the bribery allegations surfaced, GQG Partners has made it clear that it will not withdraw its investments. They believe that the current allegations are politically motivated and that once Joe Biden steps down and Donald Trump returns to power, the issue will be resolved. GQG Partners has previously dismissed similar allegations, such as the ones made by the short-seller Hindenburg Research, and supported Adani during that time as well.

The Political and Legal Landscape:

In terms of legal action, there seems to be little will from the central government to act against Adani or Jaganmohan Reddy. The Andhra Pradesh government under Jagan has not canceled any contracts with Adani, and without such a move, it seems unlikely that legal cases will be filed against him. If a case were filed, there is a possibility that the investigation would focus on those who took the bribes, rather than those who gave them. This would mean that Adani might not face significant consequences, while Jagan could be questioned over the bribes he allegedly accepted.

It is speculated that even if a case is filed against Jaganmohan Reddy, it would not have major political repercussions. The coalition government, led by Jagan's party, might avoid any serious consequences, as canceling Adani’s contracts would be problematic for their political standing. Therefore, it seems likely that the issue will be forgotten soon, with minimal action taken.

Meanwhile, Jagan, who is accused of taking hundreds of crores in bribes, continues to present himself as a champion of the poor. His government continues to push the narrative of welfare while seemingly evading accountability for his own alleged corruption.

Despite the growing discussions around the Adani bribery case, it seems unlikely that there will be any significant political or legal consequences for the individuals involved. The central government appears to be turning a blind eye to the issue, and with the backing of powerful investors like GQG Partners, Adani's business empire remains largely unaffected. In Andhra Pradesh, Jaganmohan Reddy's political fortunes remain intact, as the scandal seems unlikely to disrupt his governance. The situation, it seems, will fade away without much action being taken.