Gautam Adani faces strong U.S. fraud case but extradition seems unlikely

In the United States, a fraud case has been initiated against Indian billionaire Gautam Adani, his nephew Sagar Adani, and another executive connected to the Adani Group. They have been charged with securities fraud and conspiracy, with the case reportedly supported by substantial documentary evidence, as stated by legal experts. The charges, which also involve five individuals affiliated with Azure Power Global, reference violations of the Foreign Corrupt Practices Act (FCPA) related to misleading investors and failing to disclose ongoing investigations into corporate governance practices. The allegations include assertions that the Adani Group paid bribes, contradicting their claims of maintaining strong anti-corruption measures. Azure Power Global claims to have cooperated with the investigation and stated that those charged are no longer affiliated with the company. Legal experts emphasize that having corroborating materials strengthens the case against the Adani Group, although challenges remain for the prosecution, particularly in securing testimony from witnesses located in India. Additionally, India's government has not received any extradition request related to the case, framing it as a private matter between the U.S. Justice Department and the firms involved. The consequences of these charges could potentially lead to severe penalties, with securities fraud carrying sentences of up to 20 years in prison. As the legal proceedings unfold, the implications of the Adani case extend beyond allegations of bribery, raising concerns about the integrity of firms operating in capital markets and emphasizing the importance of transparency in corporate practices.