SEC's Probe into Adani Group: Alleged Fraud and Bribery Unveiled

The U.S. SEC has sought India's help to investigate Adani Group's Gautam and Sagar Adani for alleged securities fraud and a $265 million bribery scheme. The complaint filing is ongoing, with accusations of misleading U.S. investors and bribery involving Indian officials.

The U.S. Securities and Exchange Commission (SEC) has reached out to Indian authorities for assistance in investigating Adani Group founder Gautam Adani and his nephew Sagar Adani. The probe involves allegations of securities fraud and a $265 million bribery scheme, as revealed in a court filing on Tuesday.

The SEC informed a New York district court about its continued efforts to serve the complaint to the Adanis, and its request for cooperation from India's Ministry of Law and Justice. Currently, neither of the accused is in U.S. custody, as both are located in India. While Adani Group has not responded to Reuters for comment, the Indian government remains unreachable outside regular business hours.

Last year, Brooklyn's federal prosecutors filed an indictment accusing Gautam Adani of bribing Indian officials to secure electricity purchases from Adani Green Energy and misleading U.S. investors about the company's anti-corruption measures. Adani Group has dismissed these allegations as "baseless" and plans to pursue all legal avenues available.

(With inputs from agencies.)