US SEC seeks India's help in Adani fraud probe
The United States Securities and Exchange Commission (SEC) has reached out to Indian authorities for cooperation in its probe into Adani Group founder Gautam Adani and his nephew, Sagar Adani, over allegations of securities fraud and a $265-million bribery scheme.
The SEC informed a New York district court of its ongoing attempts to formally serve its complaint against Gautam and Sagar Adani and requested assistance from India’s law ministry to facilitate the process.
Last week, Indian Prime Minister Narendra Modi stated that the Adani case was not a topic of discussion during his meeting with US President Donald Trump in Washington. Addressing reporters, he characterized the issue as an individual matter rather than one of diplomatic concern.
India’s opposition Congress party has demanded Adani’s arrest, accusing Modi of providing protection or preferential treatment to the businessman in past dealings. Both Modi’s party and Adani Group have refuted these claims.
In a separate development last year, federal prosecutors in Brooklyn revealed an indictment alleging that Adani bribed Indian officials to secure contracts for the purchase of electricity generated by Adani Green Energy, a subsidiary of Adani Group. The indictment further claimed that he misled US investors by presenting misleading assurances regarding the company’s anti-corruption policies.
Adani Group has dismissed the accusations as “baseless” and pledged to explore “all possible legal avenues” in response.
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