Supreme Court Receives New Petition in Adani Case
A recent plea was filed in the Supreme Court to bring charges of bribery and fraud against Gautam Adani, the chairman of the Adani Group, and seven of his associates. According to US prosecutors, these allegations are related to a $265 million bribery scheme. The plea was submitted by advocate Vishal Tiwari, who is involved in the ongoing Adani-Hindenburg case.
In a New York court, US prosecutors have indicted Gautam Adani and seven Adani Group executives, including his nephew Sagar Adani. They are accused of orchestrating a bribery scheme to secure lucrative solar energy contracts in India, with expected profits of $2 billion over the next two decades.
In addition to the bribery allegations, the US Securities and Exchange Commission (SEC) has charged the Adani Group and Azure Power Global executive Cyril Cabanes with securities fraud. The SEC alleges that false statements were made to secure $2 billion in loans and bonds, accusing the Adani Group of defrauding US investors by raising capital under false pretenses.
The Adani Group has denied all allegations of bribery and fraud, calling them “baseless.” Despite their denial, the accusations have attracted significant attention.
This plea comes at a time when India’s Securities and Exchange Board (SEBI) is conducting investigations into allegations of stock manipulation and market irregularities linked to the Adani Group. These issues were first raised in the Hindenburg Research report in January 2023, accusing the group of accounting fraud and stock manipulation, leading to a substantial loss in Adani stocks and the cancelation of a share sale worth ₹20,000 crore.
The Adani Group has dismissed the Hindenburg report as “unresearched” and “maliciously mischievous.” The Supreme Court previously dismissed petitions seeking the formation of a special investigation team to delve further into the Hindenburg allegations.
As investigations continue, the legal and regulatory scrutiny surrounding the Adani Group intensifies, with ongoing allegations of corruption, fraud, and market manipulation. The recent plea filed in the Supreme Court further emphasizes these concerns and adds a new layer to the existing legal battles.
