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HC quashes ₹388 cr fraud case against Adani firm
Hindustan Times Bengaluru
|March 18, 2025
The Bombay High Court on Monday discharged Adani Enterprises Ltd and its promoters from a probe initiated by the Serious Fraud Investigation Office (SFIO) into allegations of share price manipulation and fraudulent stock market activities.
MUMBAI: SFIO is a statutory agency in India tasked with investigating corporate fraud.
The court ruled that the allegations did not meet the legal requirements for cheating under the Indian Penal Code (IPC), effectively exonerating the Adani group and its promoters from the case.
The case dates back to 2012 when the SFIO filed a criminal case against Adani Enterprises Ltd (formerly Adani Exports Ltd) and its promoters, Rajesh Shantilal Adani and Gautam Shantilal Adani.
The agency alleged that Triumph Securities Ltd, in collusion with Adani Enterprises, engaged in a criminal conspiracy to manipulate the share prices of Adani Exports Ltd. According to the complaint, this manipulation misled the public into believing that the price movement was natural, leading to artificial losses for investors while benefiting the accused.
This story is from the March 18, 2025 edition of Hindustan Times Bengaluru.
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