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US SEC seeks India's help in Adani fraud probe
Last year an indictment accused the Adani group of misleading U.S. investors by providing reassuring information about the company's anti-corruption practices.
FILE PHOTO: Indian billionaire Gautam Adani attends the 51st Gems and Jewellery Awards in Jaipur, India November 30, 2024. / REUTERS/Stringer/File Photo
The U.S. Securities and Exchange Commission has requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme, a court filing showed on Feb. 18.
The SEC told a New York district court its efforts to serve its complaint to Gautam and Sagar Adani were ongoing and that it is seeking help from India's Ministry of Law and Justice to serve its complaint to Gautam and Sagar Adani. Neither man is in U.S. custody, and they are currently located in India.
Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of his Adani Group conglomerate, and then misleading U.S. investors by providing reassuring information about the company's anti-corruption practices.
Adani Group has called the allegations "baseless" and vowed to seek "all possible legal recourse."
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