NEW YORK (Diya TV) — The U.S. fraud case against Indian billionaire Gautam Adani is gathering strength, according to lawyers, but extradition to face trial in the United States is still a long shot. Reuters reports that federal prosecutors in Brooklyn last month unsealed an indictment charging Adani with bribing Indian officials to secure lucrative electricity contracts for Adani Green Energy, a subsidiary of his conglomerate, the Adani Group, and misleading U.S. investors about the company’s anti-corruption policies.
Charges of securities fraud and conspiracy have been filed against Adani, his nephew Sagar Adani, and another executive from the Adani Group. Prosecutors claim that the Adani family, using their vast business network, bribed Indian officials to secure contracts while simultaneously deceiving American investors about their practices. Five other employees connected to Azure Power Global, whose parent company had once been traded on the New York Stock Exchange, were charged with conspiring to commit an FCPA offense. The company has said it cooperated with investigators and that all of those charged are no longer with the firm.
Key evidence in the case includes financial ledgers discovered on Sagar Adani’s phone, which reportedly detail bribe payments, as well as emails sent by Gautam Adani to himself regarding a search warrant and grand jury subpoena targeting his nephew. Legal analysts suggest these records could significantly bolster the prosecution’s case, showing clear knowledge of the misconduct and a deliberate attempt to deceive investors.
The Adani Group has termed the allegations as “baseless” and stated that it would explore all available legal remedies. Even though the charges were serious, Gautam Adani was seen in public, attending an event with Prime Minister Narendra Modi on December 9, which may question his extradition to the U.S.
Bringing Adani to trial in the United States poses enormous challenges for U.S. prosecutors. According to experts, securing testimony from Indian witnesses will depend on New Delhi cooperation; however, New Delhi remains noncommittal on this matter. The foreign ministry of India has not received any formal request from the United States regarding the case. In fact, the officials described it as a private legal matter between firms and the U.S. Department of Justice.
If convicted, Adani may face up to five years in prison for conspiracy to violate the FCPA and up to 20 years for securities fraud. Drew Rolle, the deputy chief of the U.S. Attorney’s Office in Brooklyn, said that integrity must be preserved in the American financial markets. “Any company looking for access to U.S. capital markets must play by the rules,” Rolle said in a statement.
