A plea was filed in the Supreme Court on Sunday to bring charges of bribery and fraud against Gautam Adani, the chairman of the Adani Group, and seven of his associates. These allegations, as claimed by US prosecutors, are linked to a $265 million bribery scheme. The plea was filed by advocate Vishal Tiwari, one of the petitioners in the ongoing case concerning the Adani-Hindenburg matter.
US prosecutors recently indicted Gautam Adani and seven executives from the Adani Group, including his nephew Sagar Adani, in a New York court. The charges accuse them of orchestrating a bribery scheme to secure lucrative solar energy contracts in India. These contracts are expected to generate $2 billion in profits over the next two decades.
Securities Fraud Charges by US Securities and Exchange Commission (SEC)
In addition to the bribery allegations, the US Securities and Exchange Commission (SEC) has also charged the Adani Group and Azure Power Global executive Cyril Cabanes with securities fraud. The SEC claims 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 misleading pretenses.
The Adani Group has vehemently denied all allegations of bribery and fraud, describing them as “baseless.” The group maintains its innocence and rejects the accusations, which continue to attract significant scrutiny.
Ongoing Investigations into Adani Group
The plea filed by Vishal Tiwari comes amid ongoing investigations by India’s markets regulator, the Securities and Exchange Board of India (SEBI), into allegations of stock manipulation and market irregularities tied to the Adani Group. These allegations were first highlighted by the Hindenburg Research report in January 2023. The report accused the group of “brazen accounting fraud” and “stock manipulation,” leading to a $140 billion loss in Adani stocks and the cancellation of a ₹20,000 crore share sale.
The Adani Group dismissed the Hindenburg report as “unresearched” and “maliciously mischievous.” In January 2024, the Supreme Court dismissed petitions that sought the formation of a special investigation team to probe the Hindenburg allegations further.
Legal and Regulatory Developments
As the investigations continue, the legal and regulatory scrutiny surrounding the Adani Group grows. The fresh plea filed in the Supreme Court serves to keep the focus on the allegations of corruption, fraud, and market manipulation, adding a new layer to the ongoing legal battles.
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