The United States’ regulatory body, the Securities and Exchange Commission (SEC), has sought permission from a US court to personally summon Gautam Adani and Sagar Adani via email in connection with the alleged $265 million bribery scheme and fraud, a Reuters report said.
The Reuters report added that the SEC has been trying to summon Adani Group Chairman Gautam Adani and his nephew Sagar Adani since last year. Reuters elaborated that India has refused two requests of the SEC to serve summons to Adani, citing procedural issues such as signature and seal requirements.
Financialexpress.com could not verify the news independently.
In November, as per a Reuters report, the Indian Foreign Affairs Ministry said that bribery allegations against Gautam Adani are a legal issue between private firms and the US Department of Justice, and that India has not received any request on this case from the United States.
Meanwhile, Adani Group has maintained that all the allegations in the matter are baseless and that it would seek all possible legal recourse.
What are the allegations
In November 2024, the United States prosecutors alleged that Gautam Adani and others, including an American company, were part of a $250 million bribery scheme to get a solar power contract in India. The US SEC complaint said the executives also misled US investors by providing information about the company’s anti-graft practices.
Resolution discussion halts
According to a Bloomberg report, last May, Adani’s representatives met with Trump officials to reach a deal to drop the bribery and fraud charges. The report stated that Adani was hopeful of a resolution to the matter in the near future; however, the discussion hit a roadblock as India-US tensions mounted over India’s oil trade with Russia.
According to a Bloomberg report from September, the Trump administration officials have told Adani’s lawyers that they will not proceed with the deal to end the alleged bribery and fraud charges against India’s top businessmen due to the ongoing India-US trade impasse.
Bloomberg reported that in the present circumstances, Gautam Adani cannot travel to the US due to the risk of being arrested