US SEC Seeks Indian Govt's Help In $250 Million Adani Bribery Probe

(MENAFN- Live Mint) Bengaluru: The Securities and Exchange Commission has sought India's assistance in the US market regulator's investigation of billionaire Gautam Adani and his nephew Sagar over allegations of paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to secure lucrative solar-energy contracts.

The US SEC told a New York district court on Wednesday that as the Adanis are based out of India, the regulator had sought help from India's law Ministry to serve its complaint to the Ahmedabad-based business tycoon.

“Defendants are located in India, and the SEC's efforts to serve them there are ongoing, including through a request for assistance to the Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters,” SEC's counsel Christopher M. Colorado wrote in a letter, dated 18 January.

“Additionally, under Article 5(a) of the Hague Service Convention, the SEC has requested assistance from India's Ministry of Law and Justice, the Central Authority for India under the Hague Service Convention. That process is ongoing, and the SEC will continue its efforts to serve Defendants in India by the methods prescribed by FRCP 4(f)-including under the Hague Service Convention-and will keep the Court apprised of its progress,” said Colorado in his letter to the Judge.

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On 20 November, federal prosecutors in New York indicted a total of eight individuals for allegedly paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to obtain lucrative solar-energy contracts. According to the indictment, Adani Green Energy Ltd raised $2 billion from American and foreign investors based on false and misleading statements about the firm's anti-corruption and anti-bribery efforts. For this reason, the DoJ opened a criminal investigation, while the SEC is pursuing a civil investigation against Gautam Adani, Sagar Adani, and Adani Green Energy's chief executive Vneet Jaain.

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