Adani Fights Back Against US SEC Charges in Solar Energy Bribery Case

A US judge has granted Gautam Adani a hearing to argue against the US SEC's fraud case, alleging a $250 million bribery scheme in solar energy contracts. Adani argues the US lacks jurisdiction, the allegations are baseless, and investor losses are absent since all bonds were repaid.

A US judge has permitted billionaire Gautam Adani a hearing to challenge a Securities and Exchange Commission (SEC) fraud case, citing insufficient jurisdiction and multiple inadequacies. This move follows Adani and his nephew's plea for dismissal, highlighting that they lack credible evidence for the alleged bribery scheme.

The SEC filed the case alongside a criminal complaint by the US Department of Justice, asserting that Adani conspired to offer over $250 million in bribes to secure solar energy contracts, misleading US investors and banks. Adani denies all allegations and maintains that the case lacks jurisdictional and factual merit.

The court hearing allows Adani to potentially dismiss the case early, avoiding a prolonged legal battle. Adani argues that the transactions did not involve US jurisdiction, and the SEC failed to prove any investor losses or credible misconduct claims.

(With inputs from agencies.)