The U.S. SEC has informed a federal court that Indian authorities have not responded to its legal notices regarding the Adani Group, amid ongoing investigations into allegations of securities fraud.
The U.S. Securities and Exchange Commission (SEC) recently reported to a federal court that Indian authorities have failed to respond to its attempts to serve legal notices and complaints to executives at the Adani Group. This development comes as the SEC investigates the conglomerate over serious allegations, including securities fraud and a $265 million bribery scheme.
The case surrounding the Adani Group has garnered considerable attention in the United States, particularly as state regulators seek cooperation from Indian officials. According to reports, the SEC has made multiple attempts to reach India’s Ministry of Law to serve legal documents to Adani Group founder Gautam Adani and his nephew, Sagar Adani. Despite the SEC’s latest communication with the ministry on September 14, there has been no confirmation of delivery.
The SEC stated in its court filing, “The SEC will continue communicating with the India Ministry of Law and Justice and pursuing service of the defendants via the Hague Service Convention.” This indicates the agency’s commitment to ensuring that legal proceedings can move forward despite the challenges posed by international jurisdiction.
In 2024, prosecutors in Brooklyn charged the Adani Group with allegedly bribing Indian officials to secure electricity purchases from its subsidiary, Adani Green Energy. The SEC claims that the executives who benefited from these payments misled U.S. investors regarding the company’s anti-corruption measures.
The Adani Group has characterized the SEC’s allegations as “baseless” and has pledged to explore “all possible legal recourse” to dismiss the claims. In January, Adani Green Energy engaged independent law firms to conduct a thorough review of the charges against them.
On November 20, 2024, U.S. prosecutors charged Gautam Adani, his nephew Sagar Adani, and others with bribery, securities fraud, wire fraud, and related conspiracies. The SEC alleged that the defendants paid bribes totaling $244 million (approximately ₹2,029 crore) to secure solar power contracts across various Indian states, facilitated through the Solar Energy Corporation of India (SECI).
The SEC’s original complaint indicated that the U.S. indictment arose from claims that the Adani Group failed to disclose its involvement in a complex and high-value bribery scheme to U.S. investors. Since February, the SEC has been in contact with India’s Ministry of Law and Justice to serve notices to the Adani Group within India.
Earlier in February, the SEC had formally requested assistance from India’s law ministry to help deliver the summons. A report from March revealed that the Ministry of Law had forwarded the summons for Gautam Adani and others to a court in Ahmedabad, which was responsible for delivering the documents to Adani’s local address. However, it appears that the papers have not been served in the six months since that action.
In a filing dated August 11, the SEC reiterated its ongoing efforts to serve the Adani Group in India, emphasizing the importance of resolving these legal matters as the investigation continues.
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