SEC defendant Adani sees judge demand details
2026-06-29 19:42 ET - Street Wire
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by Mike Caswell
The U.S. charges against prominent Indian businessman Gautam Adani and others for a $250-million bribery scheme may yet go to trial, despite the U.S. Department of Justice indicating that it no longer intends to pursue the case. (All figures are in U.S. dollars.) Last month, prosecutors sought to dismiss the matter, which has links to a New York Stock Exchange listing controlled by provincial pension fund manager Caisse de depot et placement du Quebec. The judge, however, is now questioning whether there are "sufficient facts to support dismissal of the Indictment."
The legal back and forth comes as part of a case in which U.S. authorities claim that Mr. Adani and others arranged payouts to officials in return for solar power contracts worth billions of dollars. The beneficiaries of the contracts included a company controlled by Caisse de depot et placement du Quebec, the government said. In addition to Mr. Adani, the defendants in the case include a former Caisse employee, Cyril Cabanes, who was the head of infrastructure for the Asia-Pacific region.
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https://thedeepdive.ca/scandal-deepens-as-quebec-pension-executives-tied-to-gautam-adanis-bribery-scandal/
The indictment spans the years between 2020 and 2024. Around 2022, as investigations into the alleged bribery began, the defendants reportedly conspired to obstruct justice by destroying evidence and providing false information to U.S. authorities. This attempt to subvert the investigation, the court documents claim, involved coordinated efforts across international borders.
Related to the case, Adani was recently indicted in a New York federal court on charges of orchestrating a multibillion-dollar fraud and bribery scheme. Adani and two top executives of Adani Green Energy Limited—his nephew Sagar Adani and business partner Vneet Jaain—are accused of securities fraud, wire fraud conspiracy, and violations of anti-bribery laws.
According to prosecutors, the trio sought $3 billion from U.S. investors under false pretenses, touting their company’s adherence to anti-corruption standards while engaging in widespread misconduct.
Posted by halcrow at 2026-06-29 21:44