Indictment lacks evidence, no immediate repercussions, says Adv Vijay Aggarwal on Adani's indictment

New Delhi [India], November 22 (ANI): Renowned criminal lawyer Advocate Vijay Aggarwal shared his perspective on the ongoing Adani controversy, specifically the US prosecutors' charges involving Gautam Adani and others in a purported bribery case related to solar energy contracts.
Aggarwal dismissed the initial media frenzy surrounding the 54-page indictment, stating, "As of now, I do not see much. If you look at this indictment, you won't be able to connect any dots."
He further stated that, in his view, the case is "just one more" in a long line of such allegations with no immediate impact on business or personal reputations. "No repercussions here in India. No repercussions in business. No repercussions personally. A person is presumed innocent until proven guilty," he asserted.
"In para 45 and 49 of the indictment, it is mentioned that USD 265 millions were paid as a bribe to earn a profit of USD 2 billions in 20 years. USD 265 millions at the rate of 10.64per cent per annum will become USD 2 billions in 20 years. This is against the common sense, Allegations in the indictment are ludicrous. Why will a person pay bribe for earing an amount which he can otherwise earn by keeping in bank deposit?" the advocate added.
He further pointed out that the case is similar to the recent Canadian case where the Canadian government is not having any evidence and nothing is happening on the same. There is false allegation and there is no evidence, in the absence of evidence entire case will fall like nine pins, said Advocate Vijay Aggarwal.
Aggarwal drew comparisons with previous high-profile cases to underscore the need for caution. He pointed to the coal scam in India and ongoing legal proceedings in Canada, questioning the real impact of such charges. "Look at the coal scam cases. Various charge sheets were filed, including against a former Prime Minister. What happened? Nothing. Similarly, in Canada, has anything happened? No, nothing," he said.
Highlighting the complexities of big-business dynamics, Aggarwal also acknowledged the possibility of competitive motivations behind such allegations, given the Adani Group's interests in sectors like transport, green energy, and competition with Chinese companies and oil-rich nations. "With large conglomerates, there are always competing interests. Some might want to bring down a competitor or take advantage of a fall in share prices. You never know what the true intention is."
Concluding, Aggarwal emphasized that any meaningful judgment on the case should await the presentation of concrete evidence, adding that, for now, it seems like "just another case" with temporary media attention.
On media reports claiming an arrest warrant has been issued for Gautam Adani following a US indictment, Advocate Vijay Aggarwal provided clarification. "Arrest warrants cannot be issued at this stage," he said. "Someone mentioned a media report to me, but if you read it carefully--though I do not have access to the documents--it seems to refer to a warrant for information, not an arrest. This is not about someone being put in handcuffs."
Aggarwal compared the situation to high-profile cases like that of Nirav Modi and Mehul Choksi, where proper legal requests were made to India, accompanied by all relevant materials for examination. "In those cases, India received a formal request and reviewed the evidence to determine whether a valid case existed," he noted. "Similarly, India will assess the materials and decide the next steps." (ANI)