Legal experts indicated that the U.S. fraud case against Indian billionaire Gautam Adani seems to be supported by documentation that will assist prosecutors in building a compelling case. However, they believe that the likelihood of the tycoon being extradited to face trial in the near future is slim.
Last month’s indictments implicated Adani in a deceptive ploy involving bribery of Indian officials to ensure the purchase of electricity from his conglomerate, Adani Green Energy, while also misleading U.S investors about the company’s clean image with healthy anti-corruption practices.
Adani, along with his nephew Sagar Adani and another executive from the Adani Group, face charges of securities fraud and conspiracy. Five individuals linked to Azure Power Global, a company previously listed in the U.S., have been charged with conspiring to breach the Foreign Corrupt Practices Act (FCPA).
Meanwhile, Azure stated that it collaborated with the investigation and clarified that the individuals facing charges are no longer part of the company. The Adani Group, on the other hand, has dismissed the accusations as “baseless” and expressed their determination to pursue every available legal option.
The indictment against Gautam Adani includes ledgers of alleged payments, known as “bribe notes,” found on his nephew’s phone. Legal experts argue that such electronic records are critical in demonstrating the Adanis’ knowledge of misleading investors about an ongoing investigation and falsely asserting their anti-corruption practices.
However, Gautam could contend his lack of personal involvement in the company’s statements to investors about its anti-bribery measures.
Moreover, the prosecutors also face another hurdle in securing live testimony from witnesses in India, as it would require assistance from the New Delhi government, which may be unwilling to incriminate local officials.
As per last Friday’s statement from India’s foreign ministry, they have received no request from Washington regarding the case, deeming it a private firm matter with the U.S. Justice Department. Meanwhile, the U.S. authority refrained from commenting on whether an extradition request had been made to India for Gautam Adani.
