US Court Orders Joint Trial for Adani’s $265 Million Bribery Allegations

US Court Orders Joint Trial for Adani’s $265 Million Bribery Allegations

In a major move, a New York court ruled that the criminal and civil charges against Indian billionaire Gautam Adani and others are “related,” guaranteeing that the same judge will preside over both hearings for the sake of judicial efficiency. The complaints include identical claims and are related to the same transactions, according to an order issued by the United States District Court for the Eastern District of New York on December 12, 2024. These cases are Securities and Exchange Commission v. Adani et al., USA v. Adani et al., and Securities and Exchange Commission v. Cabanes. Following the transfer, Nicholas Garaufis, a United States District Judge, will oversee all three cases.

Allegations Against Adani

The US Department of Justice has indicted Gautam Adani and several executives for allegedly masterminding a multi-year plan to bribe Indian authorities $250 million. Favorable contracts for solar power plants were purportedly obtained using these payments.

In relation to the same bribery conspiracy, the Securities and Exchange Commission (SEC) has also accused Adani, Sagar Adani, and Cyril Cabanes, an executive of Azure Power Global Ltd. In addition to substantive securities fraud, the criminal allegations also involve conspiracy to conduct securities and wire fraud. The indictment also accuses Deepak Malhotra, Saurabh Agarwal, Rupesh Agarwal, and Ranjit Gupta with conspiring to violate the Foreign Corrupt Practices Act. The fees are associated with one of the biggest solar energy projects in the world.

Adani Group Denies Allegations

The claims have been categorically refuted by the Adani Group, which has called them “baseless.” A spokeswoman underlined the group’s dedication to upholding governance, transparency, and regulatory compliance in a statement. The spokesman emphasized the group’s intention to look for all suitable legitimate cures, saying, “We guarantee our stakeholders, partners, and employees that we are a decent association, completely consistent with all regulations.” Also, the Branch of Equity has clarified that the charge is considered free of guilt by default and that the allegations in the prosecution are just claims.

Also Read: Naidu Asserts SECI Power Agreements Can’t Be Canceled Without Bribery Evidence

Background of the Cases

In November 2023, the SEC took action, accusing Cyril Cabanes, Sagar Adani, and Gautam Adani of involvement in a large-scale bribery conspiracy. At the same time, a number of people, including officials of Adani Green, were charged with bribery and securities fraud by the US Attorney’s Office. The seriousness of the accusations and the case’s global ramifications are shown by this concerted legal activity. As they examine the specifics of the accusations and the defense put forward by the accused individuals, the next procedures are anticipated to garner a lot of interest.