U.S. Securities and Exchange Commission (SEC) has requested assistance from Indian authorities in its ongoing investigation involving Gautam Adani and his nephew Sagar Adani, as per the reports of Reuters. The SEC is looking into allegations of securities fraud and a $265 million bribery scheme, according to a court filing on February 18, 2025.
The SEC informed a New York district court that it has been actively trying to serve a formal complaint to Gautam and Sagar Adani but has faced challenges as both individuals are currently residing in India and are not in U.S. custody. As part of its legal efforts, the SEC is now seeking the Indian Ministry of Law and Justice’s help in serving the complaint.
In the report, Reuters highlighted that last year, federal prosecutors in Brooklyn unsealed an indictment accusing Gautam Adani of allegedly bribing Indian officials to ensure they purchase electricity from Adani Green Energy, a subsidiary of his company. The SEC also claims that Gautam Adani misled U.S. investors by providing false assurances regarding his company’s anti-corruption measures.
Adani Group has firmly denied these allegations, labeling them as “baseless”, and has vowed to pursue “all possible legal recourse” to defend itself.
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