US regulator seeks India’s aid in Adani fraud probe
The US Securities and Exchange Commission (SEC) has asked India for help in its fraud investigation against Adani Group founder Gautam Adani and his nephew Sagar Adani. The SEC informed a New York district court that it is working to serve its complaint and has sought assistance from India’s Ministry of Law and Justice.
This request comes after six US Congress members raised concerns about the Justice Department’s indictment of the Adani Group. They argued that such actions could strain US-India relations.
US Prosecutors Charge Adani
In November 2024, US prosecutors accused Gautam Adani of orchestrating a $250 million bribery scheme to secure solar energy contracts in India. They claimed the Adani Group hid this from US banks and investors while raising billions for the project. US laws allow authorities to pursue foreign corruption cases when they involve American investors or financial markets.
The Adani Group denied all allegations, calling them “baseless” and vowing to explore all legal options.
India’s Response
The Indian government distanced itself from the case, calling it a legal issue between private firms and the US Justice Department. Last year, India’s Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal stated that New Delhi was not informed in advance about the charges.
“There are established procedures in such cases, and we believe they will be followed,” Jaiswal said.
