Reuters reported that the U.S. Securities and Exchange Commission (SEC) entered the New York Federal district court proceeding against Indian construction magnate Gautam Adani on Nov. 24, by issuing a summons and seeking monetary penalties and restrictions on Adani and one of his nephews. The restrictions would bar the Adanis from running the Adani Group’s companies.
The attempted extraterritorial prosecution of Indian business leaders by the United States is emerging as virtually identical to the prosecution of President-Elect Trump and his businesses by New York State Attorney General Letitia James. James also was trying to bar Trump’s family from running the Trump businesses. Her prosecution was unable to establish that any U.S. investors were harmed by Trump, and such evidence or charges are also lacking in the case against the Adani Group. James had charged accounting practices which “inflated the value” of Trump companies; the New York Federal prosecutors charge that Adani Group “misrepresent[ed] the companies’ anti-bribery policies and practices” to U.S. investors, reported the Economist Intelligence Unit Nov. 25.
