Adani Bribery Case: US SEC Seeks India’s Help

Aakhir Tak – In Shorts

• US SEC seeks India’s help in the Adani bribery case, involving Gautam Adani and his nephew.
• Adani is accused of a $265 million bribery scheme related to securing solar energy contracts.
• The US SEC told a New York court that efforts to serve a complaint to the Adanis are ongoing.
• US prosecutors have charged Gautam Adani and others with paying bribes between 2020-2024.
• The Adani Group has dismissed the allegations as baseless and will pursue legal recourse.

Aakhir Tak – In Depth

The US Securities and Exchange Commission (US SEC) has requested the Indian government’s assistance in its probe of the Adani bribery case. This case involves industrialist Gautam Adani and his nephew Sagar Adani. The allegations center around a $265 million bribery scheme.

US SEC Investigation

The US SEC has informed a New York district court that its efforts to serve its complaint to Gautam Adani and Sagar Adani are continuing. The regulator has sought help from India’s Ministry of Law and Justice to serve the complaint to the Adanis. This action highlights the international reach of the investigation into potential securities fraud.

Bribery Allegations

In November of last year, US prosecutors charged Gautam Adani and others with paying $265 million (approximately Rs 2,029 crore) in bribes. These bribes were allegedly paid to secure solar energy contracts with state electricity distribution companies between 2020 and 2024. The indictment alleges that Adani engaged in bribery to secure solar energy contracts in India. It also claims that he misled American investors through fraudulent financial disclosures.

Adani Group’s Response

The Adani Group has dismissed the indictment as baseless. The conglomerate has stated that it will seek all “possible legal recourse” to defend itself against the charges. The group maintains that the allegations are unfounded and lack evidence.

Indian Government’s Stance

In December, the Ministry of External Affairs (MEA) stated that the Indian government has no role in the legal proceedings involving Adani-linked entities in the US. MEA spokesperson Randhir Jaiswal clarified that this is a legal matter involving private firms and individuals, as well as the US Department of Justice. He added that “established procedures and legal avenues” would be followed in such cases.

Amit Shah’s Statement

Speaking about the Adani bribery case, Union Home Minister Amit Shah stated that the government does not operate based on media reports. He emphasized that the government will take action once “we have documents” that substantiate the allegations. This statement underscores the government’s cautious approach to the matter.

Aakhir Tak – Key Takeaways to Remember

• The US SEC is seeking India’s help in the Adani bribery case.
• Gautam Adani is accused of a $265 million bribery scheme.
• The US SEC is still trying to serve the complaint to the Adanis.
• The Adani Group denies the allegations, promising legal action.
• The Indian government says it has no role but will follow due legal process.

Aakhir Tak Editor-in-Chief

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