US securities regulator seeks India's help in fraud probe against Gautam Adani
US prosecutors charged Adani with involvement in a plan to pay more than $250 million in bribes to government officials in India for solar energy contracts.
The United States Securities Exchange Commission (SEC) has requested assistance from India in its investigation against Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme.
According to a Reuters report, the SEC told a New York district court its efforts to serve its complaint to Gautam and Sagar Adani were ongoing and that it is seeking help from the Ministry of Law and Justice to serve its complaint to the industrialist.
The move comes days after six US Congressmen wrote to the newly appointed Attorney General of the United States against "questionable" decisions made by the US Department of Justice such as the indictment against the Adani Group in an alleged bribery scam, which "jeopardises the relationship with close ally India".
2024: US prosecutors charged Adani
Last November, US prosecutors charged Gautam Adani with involvement in a plan topay more than $250 million in bribes to government officials in India for solar energy contracts.
This was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project, the prosecutors have alleged.
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US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.
The Adani group denied the charges. It has called the allegations "baseless" and vowed to seek “all possible legal recourse.”
India's stand on Adani row
Last year, the Indian government said that bribery allegations against billionaire Gautam Adani by U.S. authorities is a “legal matter” between private firms and the US Department of Justice, and that New Delhi is not involved in the case at this point.
"There are established procedures and legal avenues in such cases which we believe would be followed. The government of India was not informed in advance on the issue," MEA spokesperson Randhir Jaiswal said.
(With Reuters, PTI inputs)