Indian billionaire Gautam Adani faces allegations in a U.S. fraud case, with prosecutors in Brooklyn accusing him of bribing Indian officials to secure electricity purchases from Adani Green Energy and misleading U.S. investors about the company’s anti-corruption practices. The indictment, unsealed last month, also charges Adani’s nephew, Sagar Adani, and another Adani Group executive with securities fraud and conspiracy. Five individuals associated with Azure Power Global, a firm allegedly involved, were charged with conspiracy under the Foreign Corrupt Practices Act (FCPA).
Key evidence includes alleged “bribe notes” found on Sagar Adani’s phone and emails Gautam Adani sent to himself containing a search warrant and grand jury subpoena related to the case. Prosecutors claim this evidence demonstrates the Adanis knowingly misled investors. Legal experts note that the inclusion of corroborating material strengthens the case.
Adani Group denies the allegations, calling them baseless, while Azure Power Global stated it cooperated with the investigation and confirmed those charged were no longer with the company.
Challenges may arise in securing testimony from Indian witnesses, as New Delhi might hesitate to assist, given potential implications for Indian officials. Adani could also argue he was not directly involved in the statements made to investors.
U.S. prosecutors stress the case’s importance for securities enforcement, with penalties for FCPA conspiracy reaching five years in prison and fraud charges carrying up to 20 years. The Justice Department has not commented on extradition efforts, and India’s foreign ministry has labeled the matter as between private firms and U.S. authorities. Meanwhile, Adani remains active in India, appearing publicly with Prime Minister Narendra Modi.
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