The U.S. Securities and Exchange Commission (SEC) told a federal court on Friday, Oct. 10, that Indian authorities have not responded to its attempts to serve legal notices and complaints to executives at the Adani Group. The SEC is investigating the conglomerate over allegations of securities fraud and a $265 million bribery scheme.
The case involving the Adani Group has drawn significant attention in the United States as state regulators push for cooperation from Indian authorities, Reuters reported.
The SEC informed a New York federal court that it has repeatedly reached out to India’s Ministry of Law in attempts to serve legal documents to Adani Group founder Gautam Adani and his nephew, Sagar Adani. The agency said its latest communication with the ministry, on Sept. 14, has yet to result in confirmation of delivery.
“The SEC will continue communicating with the India Ministry of Law and Justice and pursuing service of the defendants via the Hague Service Convention,” the filing said.
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In 2024, Brooklyn prosecutors charged the Adani Group with allegedly bribing Indian officials to secure purchases of electricity from its subsidiary, Adani Green Energy. According to the SEC, the executives who benefited from these payments subsequently provided U.S. investors with misleading assurances about the company’s anti-corruption measures.
The conglomerate has described the SEC’s claims as “baseless” and vowed to pursue “all possible legal recourse” to have the allegations dismissed. In January, Adani Green Energy brought in independent law firms to conduct a review of the charges.
On Nov. 20, 2024, U.S. prosecutors charged Adani Group founder and chairman Gautam Adani, his nephew Sagar Adani, and others with bribery, securities fraud, wire fraud, and related conspiracies. The SEC alleged that the defendants paid bribes totaling $244 million (₹2,029 crore) to win solar power contracts across several Indian states, facilitated through the Solar Energy Corporation of India (SECI).
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The SEC’s original complaint stated that the U.S. indictment stemmed from allegations that the Adani Group failed to inform U.S. investors about its “own involvement in a complex and high value bribery scheme.” Since February, the SEC has been in contact with India’s Ministry of Law and Justice in an effort to serve notices to the Adani Group in the country.
Earlier in February, the SEC informed the court that it had formally requested assistance from India’s law ministry to help deliver the summons.
A report from March indicated that India’s Ministry of Law had forwarded the summons for Gautam Adani and others to a court in Ahmedabad, which was tasked with delivering the documents to Adani’s local address. However, it appears the papers have not been served in the six months since.
In a filing dated to Aug. 11, the SEC emphasized that it continues to pursue efforts to serve the Adani Group in India.