Gautam Adani and the Adani Group have found themselves in the middle of a new tsunami of chaos. Earlier in the day, reports emerged, according to which chairman of the Adani Group, Gautam Adani and seven others associated with the company were indicted by a US Federal Court of the Eastern District of New York in a mass bribery case.
US Indicts Gautam Adani
The US prosecutors have accused Adani and his concomitants of bribing Indian officials in multiple Indian states with a staggering USD 250 million (or about Rs 2,100 crore) in order to bag solar power contracts.
This according to the indictment tantamounts to beguiling American Investors and Global Financial Insitutions.
BREAKING: Gautam Adani and 7 other executives criminally indicted in the U.S. over $250 million in alleged bribes.
The SEC has filed parallel charges in the “massive bribery scheme”.https://t.co/uWULHHI7Ab
— Hindenburg Research (@HindenburgRes) November 20, 2024
What is an Indictment?
Now, the question that has come to many minds in the past few hours is, ‘What Is an Indictment? and What do these charges mean?
At first, indictment is not a term commonly used in India. But, needless to say, the concept is relevant and used regularly in the Indian judicial and law enforcement system.
In the American Law and Justice realm, an Indictment is a legal document that formally introduces, and thereby charges a person of committing a crime.
The Indictment against Adani and Co.
Here, during the official proceedings of an indictment, a grand jury decides whether there is sufficient justification to file criminal charges against a suspected criminal actor during an indictment hearing.
Here, a ‘Grand Jury‘ is another term commonly used in the Anglo-Saxon world. A Grand Jury is a group (common citizens) that empowered by the court to decide upon the validity of the charges in question, thereby is entrusted with task of approving or disapproving the charges in question.
An Indictment is a key step in criminal jurisprudence as it allows the prosecution to take the charges forward and prosecute the suspect in question of the offences underscored.
In India, and many other countries, the concept of a Jury and or a Grand Jury does not exist. Instead the Indian Judicial system empowers the judicial officers, (for eg magistrates and Judges in lower courts and Justices in Higher courts) to take the decisions.
The Indian System
In India, and many other countries, the concept of a Jury and or a Grand Jury does not exist. Instead the Indian Judicial system empowers the judicial officers, (for eg magistrates and Judges in lower courts and Justices in Higher courts) to take the decisions.
In India, a Chargesheet is filed by law enforcement agencies, in most cases, the police to proceed further with the case. A Chargesheet is a legal document filed by the police after a criminal investigation is complete. This document formally charges an accused and presents evidence to the court.
What Does This Indictment Against Adani Mean?
The investigation in the matter was carried out by FBI New York’s Corporate, Securities and Commodities Fraud and International Corruption Units.
The government’s case is being handled by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Criminal Division’s Fraud Section.
Apart from the release of this indictment, the US Federal Court also issued and arrest warrant against Gautam Adani and the others.
The government’s case is being handled by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Criminal Division’s Fraud Section.
The Eastern District of New York is headed by Breon Peace
U.S. Attorney
The officials have levelled charges on Five different counts.
The first count is on Conspiracy to Violate FCPA or Foreign Corrupt Practices Act.
The Second count with regards to Securities Fraud Conspiracy.
The Third count is on Wire Fraud Conspiracy.
The Fourth count is on Securties Fraud- the 2021 144A Bond.
The Fifth Count is on Conspiracy to Obstruct Justice.
In the indictment, the US court said, “The United States hereby gives notice to the defendants charged in Counts One, Two, Four and Five that, upon their conviction of any of such offenses, the government will seek forfeiture in accordance with Title 18, United States Code, Section 981(a)(1)(C) and Title 28, United States Code, Section 2461(c), which require any person convicted of such offences to forfeit any property, real or personal, constituting, or derived from, proceeds obtained directly or indirectly as a result of such offences.”
What Happens Next?
Usually, in the United States, the next crucial step that comes after Indictment is an ‘Arraignment.’
An Arraignment, as pe the law is where the defendant(s) in the case, Gautam Adani would be formally charged with the crimes listed in the indictment. (Here, there are five counts).
In addition to being formally charged, the defendants is also informed of their legal rights and asked to enter a plea of guilty, not guilty, or no contest.
Thereafter, the judge may also decide upon plea and bail options.
Therefater, the case enters the pre-trial phase. In this period, if the case is not settled through legal motions, it finally enters the Trail.
Trump’s Arraignment
Governments Stay Mum
This is similar to Donald Trump’s arraignment, where the former president was formally charged with the charges listed in the indictment against him.
For the case to proceed any further, there has to be diplomatic channels established between the two nations, in this case, India and the US. Gautam Adani is based out India. However, an Arraignment can happen in the absence of the defendant.
However, as per general wisdom, Adani would have to be produced in US court for further proceedings. The legal and political ramifications of this development is yet to be determined, as the Indian Embassy in the US or the US Embassy in India is yet to release a statement in the matter.
Nor have the respected governments and their ministries commented on the matter. In India, the Minstry of External Affairs or the Union Minister of Exteranl Affairs, S Jaishankar is yet to make remark on the same.
