The Adani Group, led by Gautam Adani, is in the crosshairs of a bribery and corruption case in the United States, with it increasingly likely that arrest warrants might be issued. Investigations by the U.S. Department of Justice (DOJ) and the Attorney’s Office for the Eastern District of New York are looking into claims of unlawful payments to officials abroad. The move comes after a Hindenburg Research report accused Adani of the crime of stock manipulation and fraud. Between criticism of the regulatory slack by SEBI, under Madhabi Puri Buch’s leadership, and its corporate governance and political connections, the case bodes ill for global markets and geopolitics.