The United States Securities Exchange Commission (SEC) has requested assistance from India in its investigation of Gautam Adani, the founder of Adani Group, and his nephew Sagar Adani, regarding an alleged $265 million bribery scheme and securities fraud.
In accordance with a report by Reuters, the SEC informed a New York district court that it is currently in the process of serving its complaint to Gautam and Sagar Adani and is seeking assistance from the Ministry of Law and Justice to do so.
The action was taken just days after six US Congressmen wrote to the newly appointed Attorney General of the United States to express their concerns regarding the “questionable” decisions made by the US Department of Justice, including the indictment against the Adani Group in an alleged bribery scam. The Congressmen claimed that the indictment “jeopardizes the relationship with close ally India.”
In 2024, Adani was indicted by US prosecutors.
Last November, US prosecutors accused Gautam Adani of being involved in a scheme to pay over $250 million in extortion to government officials in India in exchange for solar energy contracts.
The prosecutors have claimed that the Adani group concealed this information from the US banks and investors from whom it raised billions of dollars for the project.
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The pursuit of foreign corruption allegations is permissible under US law if they entail specific connections to American investors or markets.
The charges were denied by the Adani group. It has declared the accusations to be “baseless” and has committed to pursuing “all feasible legal remedies.”
India’s stance regarding the Adani dispute
According to the Indian government, the bribery allegations against billionaire Gautam Adani by U.S. authorities are a “legal matter” between private entities and the US Department of Justice. At this time, New Delhi is not involved in the case. This statement was made last year.
“There are established procedures and legal avenues in such cases which we believe would be followed. The government of India was not informed in advance on the issue,” according to MEA spokesperson Randhir Jaiswal.
(With inputs from PTI and Reuters)
