Petition filed in Supreme Court against Gautam Adani, demand for investigation into allegations leveled by US
Adani Row: The US Justice Department claimed in a New York court that veteran businessman Gautam Adani and other associates conspired to defraud investors for their own benefit. Adani and his associates conspired to obtain and finance large-scale state energy supply contracts through corruption and fraud at the expense of US investors.
After the US accused India's famous industrialist Gautam Adani, an investigation has been demanded into the case of fraud and corruption in India. A petition has been filed in the Supreme Court regarding this.
Advocate Vishal Tiwari has filed a petition as an interim application in the case of allegations of stock price manipulation in the Adani-Hindenburg dispute. Tiwari said that there are serious allegations against Adani and they should be investigated by the Indian authorities. The petition states that SEBI should complete the investigation and instill confidence by placing the report and conclusion on record. Since there were allegations of short selling in SEBI's investigation. This may be related to the current allegations made by foreign authorities. This should be clear in the SEBI investigation report.
The US Justice Department filed a case in a New York court against the veteran businessman Gautam Adani and other associates on charges of conspiring to commit fraud for personal benefits. US prosecutors said that from 2020 until 2024, Adani Company and its subsidiaries issued more than $2 billion in bank loans from international financial institutions and US-based asset management companies. Mr. Adani and others conspired to obtain and finance multibillion-dollar state energy supply contracts through corruption and fraud at the expense of the US investors. He had bribed the officials in the Andhra Pradesh and Odisha governments to buy pricey solar power, which could give the Adani Group a more-than-two-billion-dollar profit over the course of the next twenty years.
The Adani Group has categorically denied the charges framed against it by the US Department of Justice and the US Securities and Exchange Commission. "The indictment itself contains allegations, and the defendants are presumed innocent until proven guilty," the Adani Group said, quoting the US Department of Justice. "All possible legal recourse will be taken in the case." The Adani Group has always had the best governance practices embedded in its DNA along with transparency and absoluteness of regulatory conformance in every jurisdiction. We assure our stakeholders, partners, and employees that we are a law-abiding organization that is fully compliant with all laws.
