SEC In Court: India Has Blocked Us, Want Adani Summoned For Fraud

India-West News Desk

WASHINGTON, DC – U.S. Securities and Exchange Commission filings made public this week show the regulator is seeking court approval to issue a summons to Adani Group chairman Gautam Adani and Adani Green Energy executive director Sagar Adani in connection with a bribery and fraud case.

The disclosure triggered a sharp market reaction on January 23, with shares of Adani Group companies sliding between 5 and 13 percent and wiping out about $12.5 billion in market value.

According to the filings, the SEC has approached US District Judge Nicholas Garaufis in Brooklyn for permission to serve the summons directly, including through email, after earlier attempts failed.

The SEC told the court that India’s Ministry of Law and Justice declined on two occasions last year to serve the summons under the Hague Convention. According to the filing, the ministry indicated that the SEC did not have the authority to invoke the convention or request service in this manner. As a result, the regulator has now sought alternative approval from the U.S. court.

The regulator alleges that Adani and other executives misled U.S. and international investors about the group’s adherence to anti bribery and anti corruption laws while raising more than $3 billion to finance energy projects. Under U.S. law, companies that tap American capital markets are prohibited from paying bribes overseas or soliciting investment through false or misleading disclosures.

The case stems from a U.S. federal indictment unsealed in November 2024, in which Gautam Adani and seven others were charged in New York with participating in a scheme involving bribery and fraud. Prosecutors allege that more than $250 million was paid to Indian government officials to secure solar power supply contracts that ultimately generated profits exceeding $2 billion.

Adani Group has consistently rejected the allegations, describing them as baseless, and has said it will pursue all available legal remedies.