NEW YORK – The U.S. fraud case against Indian billionaire Gautam Adani, accused of bribery and securities fraud, is underpinned by crucial documents that legal experts believe strengthen the prosecution’s case. However, Adani’s extradition to the U.S. to face trial remains uncertain.
Last month, federal prosecutors in Brooklyn unsealed an indictment charging Adani, his nephew Sagar Adani, and another Adani Group executive with securities fraud and conspiracy. The charges stem from allegations that Adani bribed Indian officials to secure electricity deals for Adani Green Energy and then misled U.S. investors by presenting false anti-corruption practices.
Five individuals linked to Azure Power Global, a previously U.S.-listed company allegedly involved in the scheme, have also been charged with conspiring to violate the Foreign Corrupt Practices Act (FCPA). Azure has since distanced itself from the accused, stating that they no longer work with the company and emphasizing its cooperation with the investigation.
The indictment includes potentially damning evidence, such as ledgers detailing alleged bribes discovered on Sagar Adani’s phone—described by prosecutors as “bribe notes.” Gautam Adani is also accused of emailing himself a search warrant and grand jury subpoena served to his nephew in March 2023, further implicating his knowledge of the alleged misconduct.
Strengthening the Case
Stephen Reynolds, a former federal prosecutor, noted that these electronic records significantly bolster the case. “The allegations include references to corroborating material, and that always provides for a stronger case,” he said.
Despite this, prosecutors face challenges. Gautam Adani may argue that he was not directly involved in drafting statements to investors about the company’s anti-bribery practices, according to Paul Tuchmann, another former federal prosecutor. Additionally, securing live testimony from Indian witnesses could be complicated by New Delhi’s reluctance to facilitate a process that might implicate Indian officials.
India’s foreign ministry recently reiterated its stance, referring to the case as a matter between private entities and the U.S. Justice Department, while noting that it had not received any requests from Washington regarding the matter.
U.S. Emphasis on Market Integrity
The U.S. Justice Department has declined to comment on the potential extradition of Adani. However, Drew Rolle, deputy chief of the Brooklyn U.S. Attorney’s business and securities fraud section, underscored the importance of protecting U.S. capital markets. Speaking at a recent conference in New York, Rolle stated, “If you’re going to access our capital markets, you’re going to play by the rules.”
Securities fraud charges in the U.S. carry sentences of up to 20 years, while conspiracy to violate the FCPA is punishable by up to