US regulator seeks Indian Government’s help in Adani bribery case
The US Securities and Exchange Commission has requested the Law Ministry of India to assist in its investigation into industrialist Gautam Adani and his nephew over alleged securities fraud.
The US Securities and Exchange Commission has requested the Law Ministry of India to assist in its investigation into industrialist Gautam Adani and his nephew over alleged securities fraud and a USD 265 million bribery scheme, according to a court filing.
The US SEC told a New York district court that its efforts to serve its complaint to Gautam Adani and his nephew Sagar Adani were ongoing. The regulator said it sought help from the Indian Law Ministry to serve its complaint to the Adanis. The regulator mentioned that it had already contacted the Adanis and their counsel and sent them notices of the lawsuit.
In November last year, US prosecutors charged Gautam Adani and others with paying USD 265 million (around Rs 2,029 crore) in bribes to get solar energy contracts with state electricity distribution companies between 2020-2024.
The indictment against Gautam Adani in the US alleged that the industrialist engaged in bribery to secure solar energy contracts in India and misled American investors through fraudulent financial disclosures. The indictment, which happened under the Joe Biden administration, has been dismissed as baseless by the Adani Group.
Earlier this month, US President Donald Trump put a halt to the enforcement of the Foreign Corrupt Practice Act. The regulation was applied to Adani's case.
In December last year, the Ministry of External Affairs (MEA) said the Indian government had no role in the legal proceedings involving Adani-linked entities in the US. "This is a legal matter involving private firms and individuals and the US Department of Justice," MEA spokesperson Randhir Jaiswal said during a press briefing. He added that "established procedures and legal avenues" would be followed in such cases.
Speaking about the Adani bribery case, Union Home Minister Amit Shah earlier said the government does not work based on media reports. In his speech at Agenda Aaj Tak, India Today's sister channel, Amit Shah said the government will act once "We have documents".
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