US SEC Seeks India's Assistance in Adani Fraud Investigation
The U.S. Securities and Exchange Commission (SEC) has requested assistance from Indian authorities in its investigation into alleged securities fraud and a $265 million bribery scheme involving Adani Group founder Gautam Adani and his nephew Sagar Adani, according to a court filing on Tuesday.
The SEC informed a New York district court that it is actively attempting to serve its complaint to Gautam and Sagar Adani and has sought the assistance of India’s Ministry of Law and Justice in this process. Both individuals are currently in India and are not in U.S. custody.
Adani Group has not yet responded to a request for comment from Reuters, and the Indian government could not be reached outside regular business hours.
The allegations stem from an indictment unsealed last year by federal prosecutors in Brooklyn, which accuses Adani of bribing Indian officials to secure contracts for Adani Green Energy (ADNA.NS), a subsidiary of Adani Group, and subsequently misleading U.S. investors with deceptive information about the company’s anti-corruption measures.
Adani Group has dismissed the allegations as “baseless” and pledged to pursue “all possible legal recourse.”
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