Plea in Supreme Court seeks fresh probe into US govt indictment against Gautam Adani

A plea has been moved before the Supreme Court seeking to place additional documents on record and highlight new facts regarding alleged malpractices by the Adani Group, following recent indictments in the United States.

The plea by advocate Vishal Tiwari has been filed in the already pending proceedings against the Adani Group following the 2023 Hindenburg report.

The petitioner seeks to bring to the Court's attention recent developments in the United States, where federal authorities have charged Gautam Adani and others with bribery and securities fraud involving solar energy contracts.

The US indictment alleges that Gautam Adani, Sagar Adani, and other executives orchestrated a $265 million bribery scheme from 2020 to 2024 to secure solar energy contracts in India, projected to yield $2 billion in profits over 20 years.

The United States Securities and Exchange Commission (SEC) has also charged Adani and others with securities violations, accusing them of misleading investors and concealing bribery schemes.

The charges include conspiracy to commit securities and wire fraud, as well as obstruction of justice, with defendants allegedly deleting evidence and making false statements during investigations.

The petitioner has urged Indian authorities to investigate allegations to restore public confidence in the regulatory process.

It has been pointed out that despite the Supreme Court's directive for SEBI to complete its probe into the matter by April 2024, no final report has been submitted.

Additionally, the petitioner has argued that new evidence indicates possible links between SEBI’s investigation into the Adani Group's alleged short-selling practices and similar allegations made in the United States.

Accordingly, the petitioner has urged the Supreme Court to accept the additional documents on record and direct Indian authorities to investigate the new allegations revealed by the US indictment and SEC complaint.