The United States Securities and Exchange Commission (SEC) has reached out to the Indian Ministry of Law and Justice for assistance in its investigation into Adani Group founder Gautam Adani and his nephew Sagar Adani. The request, as per court papers cited by Reuters, is linked to allegations of securities fraud and a $265 million bribery scheme.
According to a court filing on February 18 in a New York district court, the SEC stated that its efforts to serve a complaint to both Gautam and Sagar Adani are still “ongoing.” Since neither of them resides in the US or is under US custody, the regulatory body has sought help from Indian authorities to proceed with its complaint.
There has been no immediate response from the Adani Group regarding the SEC’s latest move. Additionally, the Indian government has not provided a statement as the request reportedly came outside of business hours
The issue dates back to 2024 when US federal prosecutors in Brooklyn filed an indictment against Gautam Adani, accusing him of bribing officials in India. The alleged motive? To push Indian authorities into buying electricity from Adani Green Energy, a subsidiary of the Adani Group. Prosecutors also claimed that the company misled US investors by making positive statements about its anti-corruption measures.
Adani Group, for its part, has denied all allegations, calling them “baseless.” The company has also stated that it will explore “all possible legal recourse.”
Adding another layer to this case, US President Donald Trump, on 10 February, signed an executive order halting the enforcement of the Foreign Corrupt Practices Act (FCPA), a nearly 50-year-old law that the Biden administration used as the basis for investigating Adani Group.
The order not only pauses FCPA enforcement but also directs Attorney General Pamela Bondi to review past and current decisions related to the law and establish new enforcement guidelines. While this move is seen as a temporary relief for Adani Group, what happens after the six-month review period remains uncertain.
The case has also caught the attention of six US Congressmen—Lance Gooden, Pat Fallon, Mike Haridopolos, Brandon Gill, William R. Timmons, and Brian Babin. This month, they wrote to Attorney General Bondi, urging her to reconsider the Biden administration’s Department of Justice (DoJ) decision to indict Adani Group executives.
For now, the SEC’s request for assistance signals that its investigation is still very much active. Whether the Indian government will cooperate or how the legal process will unfold remains to be seen. Meanwhile, Trump’s executive order puts a pause on one of the legal grounds for action against the Adani Group, but its long-term implications are unclear.
