Washington: The US Securities and Exchange Commission (SEC) has sought assistance from the Indian government in its investigation against industrialist Gautam Adani and his nephew Sagar Adani over allegations of securities fraud and a $265 million bribery scheme, according to a court filing on Tuesday, as reported by Reuters.
The SEC informed a New York district court that it is still trying to serve its complaint to Gautam Adani and Sagar Adani. The US regulator has approached India’s Ministry of Law and Justice for cooperation in delivering legal notices to the Adanis.
Bribery Allegations and US Indictment
In November 2023, US prosecutors accused Gautam Adani and others of paying $265 million (approx. ₹2,029 crore) in bribes to secure solar energy contracts from state electricity distribution companies between 2020 and 2024. The indictment alleges that the Adani Group engaged in fraudulent financial disclosures, misleading American investors.
Adani Group Rejects Allegations
The Adani Group has strongly denied the accusations, calling the charges “baseless” and vowing to pursue all legal recourse. The conglomerate insists that the allegations lack merit and are politically motivated.
Trump Administration’s Move & Indian Government’s Response
Earlier this month, US President Donald Trump suspended the enforcement of the Foreign Corrupt Practices Act (FCPA), which was the basis for the Adani bribery probe. The Indian Ministry of External Affairs (MEA) has also distanced itself from the case, stating that it is a “legal matter involving private firms and individuals” and does not involve the Indian government.
Union Home Minister Amit Shah, addressing the issue at Agenda Aaj Tak, emphasized that the government does not act on media reports alone. “If we get proper documents, we will take necessary action,” Shah said.
