SEC Civil Fraud Case Against Gautam Adani Moves Forward After Service Agreement
The US Securities and Exchange Commission (SEC) has advanced its civil fraud case against Indian billionaire Gautam Adani after arrangements were made to formally serve legal papers on him and his nephew, Sagar Adani. In a filing before a federal court in Brooklyn, New York, lawyers representing both sides confirmed they had agreed to accept service of the complaint, removing the need for US District Judge Nicholas Garaufis to intervene on the issue. If the court approves the arrangement, the defendants will have 90 days to respond, which may include motions seeking dismissal of the case.
The SEC originally charged the Adanis in November 2024 with alleged violations of US securities laws, accusing them of orchestrating a scheme involving hundreds of millions of dollars in bribes to Indian government officials. The regulator claims the alleged actions were intended to benefit Adani Green Energy Ltd, where both men serve as executives and directors. Lawyers for Gautam Adani and Sagar Adani have declined to comment on the latest developments. The SEC had earlier reported difficulties in serving legal documents because both defendants are based in India.
A parallel criminal case filed by US prosecutors in 2024 also names the Adanis and several others, though there have been no public updates in that matter for over a year. The SEC’s civil proceedings had similarly remained stalled during that period. Gautam Adani, 63, is the founder and chairman of the conglomerate Adani Group and has an estimated net worth of about $59 billion, according to Forbes.
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