The U.S. Securities and Exchange Commission has advanced its civil fraud lawsuit against Gautam Adani, paving the way for legal proceedings against the Indian billionaire.
The U.S. Securities and Exchange Commission (SEC) has taken significant steps to advance its civil fraud case against Gautam Adani, the Indian billionaire and founder of the Adani Group. This development comes after resolving issues related to the formal serving of legal papers, which had previously stalled the case.
In a recent filing submitted to a federal court in Brooklyn, New York, the SEC announced that legal representatives for both Gautam Adani and his nephew, Sagar Adani, have agreed to accept the agency’s legal documents. This agreement eliminates the need for U.S. District Judge Nicholas Garaufis to intervene in determining how the defendants should be served.
If the court approves this arrangement, the Adani family will have 90 days to respond to the SEC’s complaint. Their response may include a request to dismiss the case altogether. However, attorneys for both sides have remained tight-lipped on the matter. Gautam Adani’s lawyer, Robert Giuffra, and Sagar Adani’s counsel, Sean Hecker, declined to provide any comments.
The SEC initially filed charges against the Adanis in November 2024, alleging violations of U.S. securities laws. The accusations claim that the Adanis orchestrated a scheme involving the payment or offering of hundreds of millions of dollars in bribes to Indian government officials. These actions were purportedly intended to benefit Adani Green Energy, where both Gautam and Sagar Adani hold executive and board positions.
Both Gautam and Sagar Adani are based in India, and the SEC has previously indicated that it faced challenges in delivering legal notices to them. This has contributed to the lengthy timeline of the case.
In addition to the civil lawsuit, U.S. prosecutors initiated a parallel criminal case against the Adanis and several other individuals in November 2024. Since that time, there has been little public progress in the criminal matter, and the SEC’s civil case had largely remained on hold.
Gautam Adani, who is currently 63 years old, is recognized as India’s second-richest individual, with Forbes estimating his net worth at approximately $59 billion. The outcome of this legal battle could have significant implications for both his business empire and his personal fortune.
The SEC’s renewed efforts to advance the civil fraud case signal a pivotal moment in the ongoing scrutiny of the Adani Group and its operations. As the legal proceedings unfold, stakeholders and observers alike will be closely monitoring developments in this high-profile case.
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