A New York court has ruled that the criminal and civil cases against Indian billionaire Gautam Adani and others, linked to an alleged bribery scheme, are “related” and will be handled by the judge presiding over the criminal case.
According to an order from the US District Court for the Eastern District of New York, the cases share similar allegations and arise from related transactions. The court stated: “In consultation with District Judge Nicholas Garaufis, USA v. Adani et al., 24 Crim. 433 (NGG), Securities and Exchange Commission v. Adani et al., 24 Civ. 8080 (VMS), and Securities and Exchange Commission v. Cabanes, 24 Civ. 8081 (VMS) are marked as related. To ensure judicial efficiency and prevent scheduling conflicts, all three cases are assigned to the judges overseeing the earliest filed action—the criminal case.” The order was issued by Magistrate Judge Vera M. Scanlon on December 12, 2024.
United States District Judge Nicholas Garaufis will now preside over the cases. Gautam Adani faces indictment from the US Department of Justice (DOJ) for allegedly orchestrating a years-long scheme to pay $250 million in bribes to Indian officials to secure favorable solar power contracts.
The Adani Group has dismissed the allegations by the DOJ and the Securities and Exchange Commission (SEC) as “baseless.” A company spokesperson stated, “The allegations made against directors of Adani Green are without merit. The charges are merely allegations, and the defendants are presumed innocent unless proven guilty.” The group has pledged to pursue all available legal options, emphasizing its commitment to governance, transparency, and compliance across all jurisdictions.
In November 2023, the SEC accused Gautam Adani, Sagar Adani, and Cyril Cabanes, an Azure Power Global Ltd. executive, of participating in a large-scale bribery scheme. In parallel, the US Attorney’s Office for the Eastern District of New York unsealed criminal charges against Gautam and Sagar Adani, along with other individuals linked to Adani Green and Azure Power.
The indictment alleges that Gautam Adani, Sagar Adani, and Vneet S. Jaain conspired to commit securities and wire fraud, engaging in a multi-billion-dollar scheme to deceive US investors and global financial institutions through false and misleading statements. Additionally, the charges extend to Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company, and Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of a Canadian institutional investor.
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