The US Securities and Exchange Commission told a New York district court that it’s seeking help from India’s Ministry of Law and Justice to serve its complaint to Gautam and Sagar Adani.
The US Securities and Exchange Commission has requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme, a court filing showed.
The SEC told a New York district court on Tuesday that its efforts to serve its complaint to Gautam and Sagar Adani were ongoing and that it is seeking help from India’s Ministry of Law and Justice to serve its complaint to Gautam and Sagar Adani.
Neither man is in US custody, and they are currently located in India.
Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of his Adani Group conglomerate, and then misleading US investors by providing reassuring information about the company’s anti-corruption practices.
Adani Group has called the allegations “baseless” and vowed to seek “all possible legal recourse.”
Adani is perceived as being close to right-wing PM Narendra Modi. Critics and opposition politicians often accuse Adani of benefiting from his political links — claims both reject.
