Gautam Adani, the Indian industrialist, faces an indictment in the District Court of New York. This comes as US prosecutors charge him and others in an alleged bribery case involving a solar energy contract. Following the news, Adani Group shares plummeted, and his net worth dropped by Rs 1.02 lakh crore.
Criminal lawyer Vijay Aggarwal weighed in on the charges against Adani. He believes the indictment is unlikely to lead to any major consequences. “I do not see much at this point,” said Aggarwal. “You cannot connect the dots in this 54-page indictment. It’s just another case.” He stressed that the real impact will depend on the evidence.
Aggarwal compared the case to past scandals like the coal scam in India, which saw no substantial progress. He also pointed to Canada, where similar charges led to no action. “Initially, there’s media attention, but nothing happens in the end,” Aggarwal noted.
Aggarwal dismissed concerns about potential repercussions in India or for Adani’s business. He suggested the charges might be part of a broader competitive strategy, as Adani faces rivals in sectors like green energy and transport. He mentioned that Adani has overcome challenges before, including the Hindenburg report, and could weather this storm too.
“The media will make noise, but in the end, it’s just an indictment. We’ll need to see the evidence,” Aggarwal concluded. He reminded that Adani, like anyone, is presumed innocent until proven guilty.
Aggarwal emphasized that, as of now, the legal proceedings would likely be another case with no major repercussions. “A person is presumed innocent until proven guilty,” he said, concluding that the indictment, in its current form, does not indicate a clear path toward any significant legal consequences for Adani or his business empire.
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