Legal experts suggest that the fraud case against Indian billionaire Gautam Adani, centered on allegations of bribing officials and misleading U.S. investors, is supported by compelling evidence. However, they caution that the chances of Adani being extradited to face charges in the U.S. remain slim.
In November, federal prosecutors in Brooklyn unveiled an indictment accusing Adani, his nephew Sagar, and a senior executive from his conglomerate, Adani Group, of engaging in securities fraud and conspiracy. The charges stem from claims that Adani used bribes to secure government contracts for his subsidiary, Adani Green Energy, and then misled U.S. investors about the company’s anti-corruption measures.
The indictment also names five individuals connected to Azure Power Global, a U.S.-listed company, who are charged with conspiring to violate the Foreign Corrupt Practices Act (FCPA). Despite the serious allegations, Azure has distanced itself from the accused, stating that it cooperated with the investigation and that those charged are no longer with the company. Adani Group, meanwhile, has vehemently denied the charges, calling them “baseless” and pledging to pursue all legal avenues to fight them.
Despite the gravity of the charges, experts argue that securing Adani’s extradition to the U.S. would be a significant challenge. Adani remains in India, where he continues to make public appearances, including attending a high-profile event with Prime Minister Narendra Modi just days after the indictment.
Key evidence cited in the case includes “bribe notes” allegedly found on Sagar Adani’s phone and emails suggesting that Gautam Adani was aware of the ongoing investigation. Experts believe these digital records could provide critical evidence linking the Adanis to the charges. “The inclusion of corroborating materials always strengthens a case,” said Stephen Reynolds, a former federal prosecutor.
However, the prosecution faces hurdles. The Adanis may argue that Gautam Adani had little direct involvement in making false statements to investors, and obtaining live testimony from Indian witnesses could be problematic without India’s cooperation, which may be difficult given the sensitive nature of the case.
India’s foreign ministry recently stated that it had not received any request for Adani’s extradition from Washington, framing the case as a private matter between U.S. authorities and the companies involved.
Despite the complexities surrounding the extradition process, U.S. prosecutors remain determined. Drew Rolle, the deputy chief of the business and securities fraud section, emphasized the importance of maintaining the integrity of U.S. capital markets. “It’s not only a bribery case, but also a significant securities enforcement matter,” he noted, underscoring that companies accessing U.S. markets must adhere to the law.
The charges against Adani carry severe penalties, including up to 20 years in prison for the fraud allegations, while conspiracy to violate the FCPA can result in five years behind bars. While extradition may be uncertain, the legal battle over these allegations is likely to intensify in the months ahead.
