Documents support the US fraud case against Adani in the bribery case, but extradition is still difficult.
The US has charged Indian billionaire Gautam Adani with bribing officials and deceiving investors about Adani Green Energy.
Prosecutors point to intercepted communications and “bribe notes” as important pieces of evidence. While legal experts admit a strong case,
Adani’s extradition is doubtful. He continues to make public appearances in India, including one with Prime Minister Modi.
Legal experts stated that although the U.S.
Legal experts stated that although the U.S. fraud investigation against Indian billionaire Gautam Adani seems to have supporting documentation that will assist prosecutors present a compelling case, the tycoon is unlikely to be extradited to face trial anytime soon. Adani was charged by federal prosecutors in Brooklyn last month with bribing Indian officials to persuade them to purchase electricity generated by Adani Green Energy, a division of his Adani Group conglomerate, and then deceiving American investors by falsely claiming that the company had anti-corruption measures in place. Adani, his nephew Sagar Adani, and another Adani Group executive were charged with securities fraud and conspiracy. Five people affiliated with Azure Power Global, a formerly-U.S.-listed company also allegedly involved, were charged with conspiracy to violate the Foreign Corrupt Practices Act (FCPA). Azure has said it had cooperated with the investigation and that those charged were no longer with the company. Adani Group has called the allegations “baseless” and vowed to seek “all possible legal recourse.” Gautam Adani is not in custody. He has made at least two public appearances in India since the indictment, including at a Dec. 9 event also attended by Prime Minister Narendra Modi.
The indictment claims that prosecutors discovered ledgers of the purported payments on Sagar Adani's cell phone
Gautam Adani sent a copy in US
The indictment claims that prosecutors discovered ledgers of the purported payments on Sagar Adani’s cell phone, which they referred to as “bribe notes.” Additionally, according to the prosecution, Gautam Adani sent a copy of the search warrant and grand jury subpoena that the FBI had served on his nephew on March 17, 2023, to himself via email. According to experts, prosecutors may use those electronic records as crucial proof that Sagar Adani and Gautam Adani knew they had deceived investors by keeping the investigation a secret and claiming to have robust anti-corruption procedures when, in reality, they had paid bribes. Stephen Reynolds, a former federal prosecutor and current partner at the law firm Day Pitney, stated, “The allegations include references to corroborating material, and that always provides for a stronger case.” Prosecutors may, in fact, have difficulties. According to Paul Tuchmann, a former federal prosecutor in Brooklyn and current partner at the law firm Wiggin & Dana, Gautam Adani might contend that he had no direct influence over the claims the company made to investors on its anti-bribery policies. According to Mark Cohen, a former federal prosecutor in Brooklyn and current partner at the law firm Cohen & Gresser, prosecutors may also have trouble getting live testimony from witnesses in India because the process might need help from New Delhi and the government might be hesitant to allow testimony that could cast Indian officials in a negative light. On Friday, India’s foreign ministry cited a statement from November 29 in which it claimed that Washington had not requested any information on the case and described it as a matter between private companies and the US Justice Department. Regarding whether the United States had requested that India extradite Gautam Adani, the U.S. Justice Department remained silent. In recent public remarks, Adani Group and Adani himself emphasized that the executives of the group had not been accused of breaking the FCPA. The maximum penalty for conspiracy to violate the FCPA is five years in prison. Each of the Adani Group defendants, including Gautam Adani, faces a maximum sentence of 20 years in jail for the fraud charges against them. According to Drew Rolle, deputy chief of the Brooklyn U.S. Attorney’s office’s business and securities fraud department, his office has an obligation to safeguard the integrity of the country’s capital markets.
There have been allegations of ‘irregularities’ in inviting tenders in the water board under the control of the UP government of Delhi. Earlier, the CBI and Delhi government’s Anti-Corruption Branch (ACB) filed a complaint in this regard.
There have been allegations of ‘irregularities’ in inviting tenders in the water board under the control of the UP government of Delhi. Earlier, the CBI and Delhi government’s Anti-Corruption Branch (ACB) filed a complaint in this regard.
