The indictment and arrest warrant were unsealed to be shared with foreign law enforcement agencies, following a request from the US Attorney for the Eastern District of New York
An arrest warrant against Gautam Adani was unsealed in a New York court last month the Adani Group founder was indicted on charges of bribery and fraud. Judge Robert M Levy ordered it to be unsealed on October 31, 2024, according to a report by India Today.
The indictment and arrest warrant were unsealed to be shared with foreign law enforcement agencies, following a request from the US Attorney for the Eastern District of New York.
According to American law, an arrest warrant is typically issued by the courts unless there is a strong chance that the accused will willingly appear in court.
The US Department of Justice has indicted Adani, along with his nephew, Sagar Adani, and six others. They are accused of orchestrating a $250 million bribery scheme to secure lucrative green energy contracts in India. The charges include securities and wire fraud, alleging the Adani Group lied to US investors regarding its anti-bribery practices while engaging in widespread auctions. The bribes were allegedly paid between 2020 and 2024.
However, the Adani Group denied the charges saying the allegations by US prosecutors are “baseless” and the group is “compliant with all laws”.
While the bribery charges are connected to Indian government officials, US law permits the pursuit of corruption cases if they involve American investors or markets.
Meanwhile, Indian capital markets regulator Securities and Exchange Board of India (SEBI) is investigating whether the Adani Group violated norms requiring the disclosure of market-moving information, focusing on Adani Green Energy Ltd’s handling of a US Justice Department probe into bribery allegations, reported Bloomberg.
SEBI has demanded clarification from stock exchange officials and plans to complete the fact-finding process in two weeks after which it may decide on launching a formal investigation, Bloomberg reported citing official sources.