One of Asia’s wealthiest men, Indian billionaire Gautam Adani, may be facing his most difficult task to date after U.S. authorities indicted him for suspected bribery and fraud. The case’s exact impact on his businesses, personal future, the Indian government, and the economy is unknown, though.
Shares in a few of the Adani Group’s businesses started to rise again on Friday after plummeting the day before when the accusations were announced in New York. Between 1% to over 4%, the stock prices of six of his ten listed companies increased. A Brooklyn, New York, judge on Wednesday charged Adani, a significant Indian power figure thought to be close to Prime Minister Narendra Modi, with conspiracy to conduct securities and wire fraud as well as securities fraud.
What happens next?
Gautam Adani has not made a plea because he has not been in a US court, according to news agency Reuters. His attorneys may contest the charges if he is extradited or surrenders. Prosecutors are not required to accept a plea agreement, but they are free to negotiate one. It’s unlikely that a trial will start soon. The process may be delayed by legal actions, such as challenges to the evidence and possible separate trials for Adani’s seven co-defendants, according to Reuters.
Has Adani been arrested?
No, in accordance with the rules of the two nations’ extradition treaties, U.S. prosecutors would have to request that the Indian government extradite Adani if he is in India.
A court in India would handle that procedure; it would have to take into account a number of things, such as whether the offense for which he was accused in the United States is also a criminal in India, whether the charges are politically motivated, and whether he may be subjected to cruel treatment in the United States.
Adani may contest extradition, though it’s unclear how long that would take. Because of the billionaire’s alleged bribery of Indian government officials, extradition may become more politically sensitive.
