Overview
- The U.S. Securities and Exchange Commission (SEC) is investigating allegations of securities fraud and a $265 million bribery scheme involving Gautam Adani and his nephew, Sagar Adani.
- The SEC has approached India's Ministry of Law and Justice under the Hague Service Convention to serve complaints on the Adanis, who are currently in India.
- The allegations include bribing Indian officials for favorable solar power contracts and misleading U.S. investors about Adani Green Energy's anti-corruption practices.
- The Adani Group has denied all accusations, calling them baseless, and stated its intent to pursue all possible legal recourse.
- The investigation follows a U.S. Department of Justice indictment and comes shortly after Indian Prime Minister Narendra Modi's visit to Washington, during which he stated that such individual matters were not discussed with U.S. President Donald Trump.