The U.S. Securities and Exchange Commission (SEC) has reached out to Indian authorities for assistance in its investigation into Gautam Adani and his nephew Sagar Adani, citing alleged securities fraud and a $265 million bribery scheme, according to a court filing.
In a New York district court submission, the SEC disclosed ongoing efforts to serve its complaint to the Adanis and is now seeking help from India’s Ministry of Law and Justice to move forward. Both men remain in India and are not in U.S. custody.
The allegations trace back to an indictment unsealed last year by federal prosecutors in Brooklyn, accusing Adani of bribing Indian officials to secure government purchases of electricity from Adani Green Energy. The indictment further alleges that Adani Group misled U.S. investors by making misleading claims about its anti-corruption measures.
Adani Group has dismissed the claims as “baseless” and pledged to pursue all legal avenues in response.
