US SEC seeks India’s help

NEW DELHI: The U.S. Securities and Exchange Commission has asked Indian authorities for help in its investigation of Adani Group founder Gautam Adani and his nephew over alleged securities fraud and a $265-million bribery scheme, a court filing showed on Tuesday.

The regulator told a New York district court it was making efforts to serve its complaint on the founder and his nephew, Sagar Adani, and was seeking help from India’s law ministry to do so.

Neither individual is in U.S. custody, and both are now in India.

“The SEC has requested assistance … under the Hague service convention,” it said in the court filing.

Adani Group and India’s law ministry did not immediately respond to a Reuters request for comment.

Last week, Prime Minister Narendra Modi said he did not discuss the Adani case with U.S. President Donald Trump during his visit to Washington, describing it to reporters as an individual issue never discussed by leaders.

India’s opposition Congress party has called for Adani’s arrest and accused Modi of shielding him or favouring him in deals in the past. Modi’s party and Adani have denied the charges.

About the case

The Adani Group is a multinational conglomerate based in India, founded by Gautam Adani in 1988. It operates in various sectors, including energy, resources, logistics, agribusiness, real estate, financial services, and defense. The group is known for its significant presence in infrastructure development, particularly in port management and power generation. Over the years, the Adani Group has expanded its operations globally and has become one of India’s largest and most influential business entities.

The U.S. Securities and Exchange Commission (SEC) has launched an investigation into the Adani Group, specifically targeting its founder Gautam Adani and his nephew Sagar Adani. The investigation centers around allegations of securities fraud and a $265 million bribery scheme. According to court filings, the SEC is seeking assistance from Indian authorities to serve its complaint, as both individuals are currently in India. The allegations include bribing Indian officials to secure electricity purchases from Adani Green Energy and misleading U.S. investors about the company’s anti-corruption practices. The Adani Group has denied the allegations, calling them baseless and vowing to pursue all legal avenue.