US Requests India's Help In Adani Bribery Investigation
New Delhi: The US Securities and Exchange Commission (SEC) has sought assistances from India in its investigation of Gautam Adani, the affluent business Indian mogul and his nephew Sagar Adani, as per a report by Reuters on Wednesday. The SEC is looking into allegations that both were involved in a $265 million bribery scheme and securities fraud.
According to a court filing, the SEC wants to serve a complaint to Gautam Adani and his nephew, but they are currently in India and not in US custody.
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To serve its complaint to Gautam and Sagar Adani, the SEC is seeking help from India’s law ministry under the Hague Service Convention, the Reuters report adds. However, Adani Group and India’s law ministry haven’t responded to Reuters‘ request to comment on this matter.
The investigation is related to allegations that Adani bribed Indian officials to buy electricity from Adani Green Energy, a subsidiary of his Adani Group. He is also accused of misleading US investors about his company’s anti-corruption practices.
Gautam Adani’s company has denied the allegations, calling them “baseless,” and has promised to fight them in court last year.
Indian Prime Minister Narendra Modi has also denied discussing the Adani case with US President Donald Trump during his visit to Washington.
On Thursday, Prime Minister Narendra Modi conducted a press conference in the US along with President Donald Trump as part of his two-day visit to the US. Several issues, including weapons sales and trade, were discussed during the press event in Washington, but denied discussing various issues, including Adani Bribery.
As per the Reuters report, the SEC’s investigation is ongoing as they are working to serve the complaint to the Adanis’ in India.
However, this case has sparked controversy in India, with the opposition Congress party calling for Adani’s arrest and accusing Modi of shielding him.
