A request in the Supreme Court calls for a new investigation into the US government’s charges against Gautam Adani.
A request has been submitted to the Supreme Court to add more documents and highlight new information about alleged wrongdoings by the Adani Group, following recent charges in the United States. Advocate Vishal Tiwari filed this request in ongoing cases against the Adani Group after the 2023 Hindenburg report. The petitioner wants the Court to consider recent events in the U.S., where federal authorities have accused Gautam Adani and others of bribery and securities fraud related to solar energy contracts.
The U.S. indictment claims that Gautam Adani, Sagar Adani, and other executives ran a $265 million bribery scheme from 2020 to 2024 to obtain solar energy contracts in India, which are expected to generate $2 billion in profits over 20 years. The U.S. Securities and Exchange Commission (SEC) has also charged Adani and others with securities violations, alleging they misled investors and hid bribery activities. The charges include conspiracy to commit securities and wire fraud, as well as obstruction of justice, with defendants reportedly destroying evidence and providing false statements during investigations.
The petitioner has called on Indian authorities to look into these allegations to rebuild public trust in the regulatory system. It has been noted that even though the Supreme Court instructed SEBI to finish its investigation by April 2024, no final report has been presented yet. Furthermore, the petitioner argues that new evidence suggests possible connections between SEBI’s investigation into the Adani Group’s alleged short-selling and similar claims made in the U.S. Therefore, the petitioner has asked the Supreme Court to accept the new documents and direct Indian authorities to investigate the fresh allegations brought to light by the U.S. indictment and SEC complaint.
