SEC Says India Yet to Act on Requests to Serve Adani Executives in Bribery, Fraud Case
The U.S. Securities and Exchange Commission (SEC) has informed a New York district court that Indian authorities have not yet acted on its requests to serve summons and complaints to Adani Group founder Gautam Adani and his nephew, Sagar Adani, in connection with alleged securities fraud and a $265 million bribery scheme. The case marks one of the most high-profile attempts by a U.S. regulator to secure cross-border cooperation from India in a matter involving one of its largest conglomerates.
According to the SEC’s filing, the agency has been in repeated contact with India’s Ministry of Law and Justice regarding the delivery of legal documents, with the latest communication made on September 14. However, no confirmation of delivery has been received so far. “The SEC will continue communicating with the India Ministry of Law and Justice and pursuing service of the defendants via the Hague Service Convention,” the filing stated. Both Gautam Adani and Sagar Adani are currently in India and not under U.S. custody.
U.S. prosecutors in Brooklyn previously unsealed an indictment alleging that Adani bribed Indian officials to secure electricity purchase deals for Adani Green Energy, a subsidiary of the Adani Group. The SEC further claimed the executives misled U.S. investors with false assurances about the company’s anti-corruption measures. While the Adani Group has dismissed the allegations as “baseless,” it said it would pursue “all possible legal recourse.” Adani Green Energy announced earlier this year that it had engaged independent law firms to review the U.S. charges.
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