The Bombay High Court has discharged Gautam Adani and Rajesh Adani, industrialists and promoters of Adani Enterprises Limited (AEL), from a case filed by the Serious Fraud Investigation Office (SFIO) over alleged market regulation violations. The case dates back to 2012, when the SFIO filed a chargesheet against AEL and the Adanis, accusing them of criminal conspiracy, cheating, and market regulation violations amounting to nearly ₹388 crore. The case was related to concerns over regulatory compliance and financial transactions flagged during an investigation.
The Adanis were initially discharged by a magistrate’s court in 2014, but the SFIO challenged the decision, leading to a sessions court ruling in 2019 that set aside the magistrate’s order. The Adanis then petitioned the Bombay High Court, which has now overturned the sessions court’s decision, ruling in their favor and dismissing their involvement in the matter.
The Serious Fraud Investigation Office (SFIO) is a specialized agency responsible for probing complex financial crimes, corporate fraud, and violations of business regulations. This development is a significant victory for the Adanis, bringing an end to the case. The Adanis had been fighting the case for several years, and their discharge by the Bombay High Court marks a major relief for them.