New York Court Assigns Gautam Adani's Related Civil and Criminal Cases to One Judge

A New York court has linked the criminal and civil cases against Indian billionaire Gautam Adani and others, citing their connection to a bribery scheme. These cases will be handled by the judge in charge of the criminal proceedings. The US District Court Eastern District of New York's website states that these cases share similar allegations and stem from the same events.

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In November last year, the Securities and Exchange Commission (SEC) accused Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive at Azure Power Global Ltd., of involvement in a significant bribery scheme. Simultaneously, the US Attorney’s Office for the Eastern District of New York revealed criminal charges against Gautam Sagar Adani and Cabanes, along with other individuals linked to Adani Green and Azure Power.

Judicial Efficiency and Case Reassignment

To enhance judicial efficiency and prevent scheduling conflicts, all three cases have been marked as related. They are now assigned to the judges handling the earliest filed action, which is the criminal case USA v. Adani et al., 24 Crim. 433 NGG. Magistrate Judge Vera M. Scanlon issued this order on December 12, 2024. Consequently, United States District Judge Nicholas Garaufis has taken over these cases.

The US Department of Justice has indicted Adani for allegedly orchestrating a long-term scheme involving USD 250 million in bribes to Indian officials for favourable solar power contracts. The Adani Group has dismissed these allegations from both the Department of Justice and the SEC as unfounded.

Adani Group's Response to Allegations

A spokesperson for the Adani Group stated that "the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied." The spokesperson highlighted a statement from the US Department of Justice asserting that "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty."

The group has declared its intention to pursue all possible legal avenues. "The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations," added the spokesperson. They assured stakeholders, partners, and employees of their compliance with all laws.

Details of Criminal Indictment

The criminal indictment accuses Gautam Adani, Sagar Adani, and Vneet S. Jaain of conspiring to commit securities and wire fraud. They allegedly engaged in a multi-billion-dollar scheme to secure funds from US investors and global financial institutions through false statements. Additionally, Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company listed on the New York Stock Exchange, face charges related to securities fraud.

Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of a Canadian institutional investor, are charged with conspiracy to violate the Foreign Corrupt Practices Act. This charge is connected to a bribery scheme involving Gautam S. Adani, Sagar R. Adani, and Vneet S. Jaain in one of the world's largest solar energy projects.

The court's decision aims to streamline proceedings by consolidating related cases under one judge. This approach seeks to ensure consistency in handling allegations tied to significant financial misconduct involving prominent figures in renewable energy sectors.