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The U.S. Securities and Exchange Commission (SEC) has requested assistance from Indian authorities in its probe into Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme, according to a court filing on Tuesday.
The SEC informed a New York district court that it is working to serve its complaint to both individuals and has sought help from India’s Ministry of Law and Justice. Neither Gautam nor Sagar Adani is in U.S. custody, as they remain in India.
The investigation follows an indictment unsealed last year by Brooklyn federal prosecutors, accusing Adani of bribing Indian officials to secure electricity purchases from Adani Green Energy (NSE:ADNA), a subsidiary of his conglomerate. The charges also allege that Adani misled U.S. investors by providing misleading information about the company’s anti-corruption policies.
Adani Group has dismissed the allegations as “baseless” and vowed to pursue all legal avenues in its defense. The company has yet to issue a response to the latest developments. The Indian government also has not provided immediate comment.
The SEC’s probe adds to mounting scrutiny of Adani Group, which has faced allegations of corporate malpractice in recent years. The outcome of this case could have significant implications for the conglomerate’s global reputation and investor confidence.
As the investigation unfolds, market watchers and investors will be closely monitoring the legal proceedings and any potential impact on Adani Group’s business operations.
