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A burgeoning case against Indian businessman Gautam Adani in the US may have gained traction, but extradition remains a challenging and uncertain possibility, according to legal experts.

US prosecutors have obtained strong evidence against Indian billionaire Gautam Adani, including documents found on his nephew’s phone, which could prove that Adani misled investors by failing to disclose bribe payments. The indictment accuses Adani of bribing...