U.S. SEC seeks India’s help in Adani fraud probe
Adani Group or the law ministry has not immediately issued any statement on the latest development.
NEW DELHI- The U.S. Securities and Exchange Commission (SEC) has requested assistance from the Indian government to serve legal documents to Gautam Adani and Sagar Adani for an ongoing investigation involving a bribery and fraud case.
The request involves international legal cooperation, with the SEC seeking to execute service through India’s Ministry of Law and Justice, as part of an inquiry into a $250 to $265 million bribery scheme.
Adani Group or the law ministry has not immediately issued any statement on the latest development.
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The development comes a few days after Prime Minister Narendra Modi said he did not discuss the Adani case with US President Donald Trump during his visit to Washington.
Senior Advocate Prashant Bhushan has recently commented, according to posts on X, Bhushan has questioned whether the Modi government will assist the SEC in serving its complaint to Adani, given the SEC’s request for help from Indian authorities in their investigation into Adani for alleged securities fraud and a bribery scheme. This reflects ongoing discussions and scrutiny around the case involving Adani and the implications of international regulatory actions on Indian business figures.
The US Securities & Exchange Commission wants Indian Govt to serve its complaint to Adani. Will the Modi govt oblige? pic.twitter.com/6uzpx1qUIS
— Prashant Bhushan (@pbhushan1) February 19, 2025
Reacting to the SEC’s court filing, Trinamool Congress MP Mahua Moitra, who has been vocal against against Adani, took a dig at Modi.
“Now the rubber hits the road- US SEC wants Indian govt to serve complaint to Modiji’s BFF Adani. Will he oblige this very ‘personal mamla’ or no? Nation needs to know!” Mahua Moitra posted on X.
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Congress leader Rahul Gandhi accused Modi of “covering up” the alleged corruption of Gautam Adani.
In a post on X, Rahul Gandhi had said, the PM maintains silence when questions are asked in the country and terms it a personal matter when asked abroad.
“If you ask questions in the country, there is silence, If you ask abroad, it is a personal matter!
“Even in America, Modi Ji covered up Adani Ji’s corruption!” Gandhi charged in his post in Hindi.
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Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Gautam Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of his Adani Group.
It was also accused that Adani then misled US investors by providing reassuring information about the company’s anti-graft practices.
Adani Group has called the accusations “baseless” and vowed to seek “all possible legal recourse”.
In January, Adani Green said it had appointed independent law firms to review the US indictment.
