DOJ Calls Adani Matter A “Name And Shame” In Encouraging Dismissal
In 2024, the DOJ criminally charged various individuals in connection with an alleged Indian bribery scheme. (See here for the prior post).
Gautam Adani, and others, were charged with securities fraud conspiracy and wire fraud conspiracy and several other defendants were charged with conspiracy to violate the FCPA’s anti-bribery provisions, among other charges.
On May 18th, the DOJ filed a consent motion stating: “The government respectfully submits this motion, pursuant to Federal Rule of Criminal Procedure 48(a), requesting that the Court dismiss the indictment in this case with prejudice. The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants.”
Judge In Adani Case Says Not So Fast
In 2024, the DOJ criminally charged various individuals in connection with an alleged Indian bribery scheme. (See here for the prior post).
Gautam Adani (a citizen of India and founder of the Adani Group which includes numerous portfolio companies including Adani Green Energy – and Indian energy company) was charged with securities fraud conspiracy and wire fraud conspiracy.
Sagar Adani (a citizen of India and Gautam Adani’s nephew and Executive Director of Adani Green’s Board of Directors) was charged with securities fraud conspiracy and wire fraud conspiracy.
Vneet Jaain (a citizen of India who was the CEO of Adani Green and who is currently the Managing Director of Adani Green’s Board of Directors) was charged with securities fraud conspiracy and wire fraud conspiracy.
Checking In On the Adani Enforcement Actions
In late 2024, the SEC and DOJ brought enforcement actions against various individuals associated with Adani Group and Azure Power in connection with an alleged Indian bribery scheme.
Both the SEC and DOJ enforcement actions included a Foreign Corrupt Practices Act component (see here and here), but not as to Gautam Adani (a citizen of India and founder of the Adani Group which includes numerous portfolio companies including Adani Green Energy – and Indian energy company) and Sagar Adani (a citizen of India and Gautam Adani’s nephew and Executive Director of Adani Green’s Board of Directors) perhaps due to jurisdiction issues.
Nevertheless, Gautam Adani and Sagar Adani were civilly charged with securities fraud in connection with the same core conduct.
Adanis to Seek Dismissal Of SEC’s FCPA Related Securities Fraud Charges
In 2024, the DOJ criminally charged various individuals in connection with an alleged Indian bribery scheme. (See here for the prior post).
Gautam Adani (a citizen of India and founder of the Adani Group which includes numerous portfolio companies including Adani Green Energy – and Indian energy company) was charged with securities fraud conspiracy and wire fraud conspiracy.
Sagar Adani (a citizen of India and Gautam Adani’s nephew and Executive Director of Adani Green’s Board of Directors) was charged with securities fraud conspiracy and wire fraud conspiracy.
Vneet Jaain (a citizen of India who was the CEO of Adani Green and who is currently the Managing Director of Adani Green’s Board of Directors) was charged with securities fraud conspiracy and wire fraud conspiracy.
A Closer Look At The DOJ FCPA (And Broader) Enforcement Action Against Various Individuals Associated With Adani Group and Azure Power
As indicated in this prior post, the SEC’s FCPA enforcement action against Cyril Sebastien Dominique Cabanes (“Cabanes” an individual associated with Azure Power – a former U.S. issuer) and the SEC’s securities fraud action against two senior executives of Adani Green (Gautam Adani and Sagar Adani) in connection with an alleged Indian bribery scheme were just one prong of a broader enforcement action announced earlier this week.
As highlighted in this post, the DOJ also announced unsealing of a criminal indictment (originally filed on October 24th) against the following individuals in connection with the same alleged Indian bribery scheme.