Bombay High Court Exonerates Gautam and Rajesh Adani in ₹388 Crore Case

The court ruled that allegations of market manipulation and cheating lacked evidence and dismissed the Serious Fraud Investigation Office's claims after 13 years of litigation.

The Bombay High Court discharged Gautam and Rajesh Adani from all charges in a ₹388 crore case linked to alleged stock market violations.
The court cited insufficient evidence of deception or wrongful loss, key elements required to prove cheating under the Indian Penal Code.
The Serious Fraud Investigation Office (SFIO) alleged that the Adani Group gained ₹388 crore unlawfully through transactions involving entities linked to stockbroker Ketan Parekh.
The court ruled that the SFIO lacked the jurisdiction to prosecute stock market-related offences under the Indian Penal Code, further undermining the case.
This decision concludes a 13-year legal battle that included multiple court rulings and appeals, marking a significant legal victory for the Adani Group.