The News
The US Securities and Exchange Commission summoned Indian billionaire Gautam Adani to appear in court over bribery and corruption allegations, including allegedly paying Indian officials more than $250 million dollars to secure lucrative contracts.
The summons is part of a civil lawsuit brought by the SEC against Adani and several other of his conglomerate’s executives; it is separate from a criminal fraud case filed by Department of Justice prosecutors last week. The Indian billionaire has 21 days to respond to the SEC summons or risk a judgment by default, according to the Press Trust of India.
Unless Adani appears voluntarily, US officials could ask New Delhi to extradite him — a lengthy process that could take months if not years.
Ultimately, “the final call is up to the Indian government” on whether Adani will face charges in the US, Bloomberg reported, with the cases likely hinging on future Indo-US relations: Adani has strong business links to Prime Minister Narendra Modi, while President-elect Donald Trump could see an opportunity to make a deal with Modi to dismiss the case.
The Trump team sees India — and the Adani Group — as strategically important to push against Chinese hegemony, the outlet noted.