US authorities have filed civil and criminal charges against Gautam Adani and others in connection with a multi-million-dollar bribery scheme. Legal experts suggest this could lead to arrest warrants and potential extradition, intensifying the case
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The civil and criminal charges filed by the US Department of Justice against billionaire Gautam Adani and seven other individuals over an alleged multi-million-dollar bribery scheme could lead to severe legal consequences, including arrest warrants and potential extradition attempts, according to a prominent US attorney.
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Adani, who ranks as India’s second-richest man, and his nephew Sagar Adani are among those accused of paying bribes to unidentified state government officials in Andhra Pradesh and Odisha. These bribes were allegedly intended to secure contracts for the purchase of expensive solar power, a deal that could have earned the group more than USD 2 billion over the next two decades.
However, the Adani Group has denied the charges, labelling them "baseless" and asserting that the conglomerate is fully compliant with all applicable laws.
Ravi Batra, a well-known Indian-American attorney, explained that US Attorney Breon Peace has the authority to issue arrest warrants against the accused individuals and serve them in the countries where they reside. Should the country in question, such as India, have an extradition treaty with the United States, then, under the bilateral agreement, the nation must cooperate in turning over the accused individuals. Batra further explained that extradition is generally mandatory unless exceptional circumstances arise, citing the refusal to extradite former Chilean president Augusto Pinochet due to humanitarian grounds.
"The India-US Extradition Treaty, signed in 1997, obliges cooperation between both nations," Batra said. "Extradition typically occurs unless there are rare exceptions, which are unlikely to apply in this case."
As per PTI reports, the US Department of Justice has indicted Adani, Sagar Adani, and Vneet S Jaain, the former CEO of Adani Green Energy, on five counts related to conspiracy to commit securities and wire fraud, in connection with misleading investors and securing funds based on false statements.
In addition, other individuals associated with the scheme, including executives of Azure Power Global and former employees of a Canadian institutional investor, have been charged with violating the Foreign Corrupt Practices Act.
US Attorney Breon Peace stated that the accused individuals orchestrated an extensive bribery scheme to secure multi-billion-dollar contracts by corrupting Indian government officials. According to the US Justice Department, the Foreign Corrupt Practices Act prohibits such payments to foreign officials to secure improper advantages. The US Securities and Exchange Commission (SEC) has also charged Adani and his nephew with violating anti-fraud provisions of federal securities laws.
Batra concluded by noting that the charges have significant implications, especially in light of the US's extended reach into global capital markets. "If the defence does not present a strong counter to these serious allegations, the charges could result in grave consequences for the accused," he said.
The case continues to unfold, with US authorities pursuing legal action against the accused, and the Adani Group vowing to contest the charges.
(With inputs from PTI)
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