A New York court has combined three cases against Gautam Adani and others into one trial. The cases involve allegations of paying $265 million (around ₹2,029 crore) in bribes to secure solar energy contracts with state electricity distribution companies.
US prosecutors previously claimed that the Adani Group concealed this bribery from US banks and investors while raising funds for the solar projects.
The court ruled that combining the cases will save time and avoid scheduling conflicts, as they involve similar events and allegations.
The three cases now grouped together are:
1. A criminal case (US vs Adani and Others).
2. A civil case by the SEC against Adani (SEC vs Adani and Others).
3. A civil case by the SEC against another accused (SEC vs Cabanes).
However, the civil and criminal proceedings will be conducted separately, and each will have its own judgment delivered.
Adani and his legal team have denied the allegations and plan to defend themselves. The trial date is yet to be announced.
The SEC has charged Adani and others under the Foreign Corrupt Practices Act (FCPA), with the indictment filed in the US District Court for the Eastern District of New York.
The charges also relate to Adani Green’s $750 million bond issuance in September 2021, which included around $175 million from US investors.
According to the SEC complaint, the offering documents contained false statements regarding anti-corruption measures, misleading US investors.
Recent developments have added complexity to the case following Donald Trump’s election as the next President of the USA. US Attorney Breon Peace and FBI Director Chris Wray, who were pivotal in the investigation, have both resigned. Meanwhile, the Adani Group continues to deny the allegations, dismissing them as baseless and politically motivated. There is also growing speculation about whether Adani and his co-defendants will personally appear before the Brooklyn court.
Developing story, stay tuned for the updates.
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