The US Securities and Exchange Commission (SEC) has sought assistance from India’s Ministry of Law and Justice in serving a complaint against Gautam Adani and his nephew Sagar Adani for alleged violations of securities laws. The SEC has accused the Adanis of recklessly making false and misleading representations regarding Adani Green Energy’s debt offering. On Tuesday, the SEC submitted a status update to Judge Nicholas Garaufis of the US District Court, Eastern District of New York, detailing its ongoing efforts to serve the legal complaint against Gautam and Sagar Adani. The commission had initially filed the complaint on November 20, 2024, alleging that the Adanis violated federal securities laws by knowingly or recklessly providing false information about Adani Green Energy Ltd. The allegations are linked to a September 2021 debt offering by the company.

Following the indictment of Gautam Adani and six related entities on bribery charges by the US Department of Justice, the Adani Group withdrew a $600 million bond offering. US prosecutors in New York charged Gautam Adani, Sagar Adani, and six others with allegedly offering $265 million in bribes to Indian government officials to secure profitable solar energy contracts. The indictment, filed on November 21, 2024, accused the defendants of orchestrating a scheme involving over $250 million in bribes, misleading investors and banks, and attempting to obstruct justice. In a related criminal case, the US Attorney for the Eastern District of New York charged Gautam and Sagar Adani with conspiracy and securities fraud, among other offenses. The Adani Group has not responded to inquiries from The Indian Express regarding the SEC’s latest move. When approached, a spokesperson for the company declined to comment on the matter.

Since the Adanis are based outside the United States, the SEC is following Rule 4(f) of the Federal Rules of Civil Procedure (FRCP) to serve them with the summons and complaint. The SEC has been working to notify the defendants and their legal representatives, where known, by sending notices of the lawsuit along with requests for a waiver of service. Additionally, under Article 5(a) of the Hague Service Convention, the SEC has formally requested assistance from India’s Ministry of Law and Justice, which serves as the country’s central authority under the treaty. This process is ongoing, and the SEC has committed to continuing its efforts to serve the defendants. According to the FBI’s New York Field Office, Gautam Adani and other defendants misled investors by raising capital based on false statements about bribery and corruption. The FBI also stated that some individuals involved in the case attempted to conceal the bribery conspiracy by obstructing government investigations.

Meanwhile, US President Donald Trump recently signed an executive order directing the US Justice Department to halt prosecutions of American citizens accused of bribing foreign officials to secure business deals abroad. While the order is intended to provide relief to US nationals, it may also indirectly benefit key Adani Group executives who are currently facing bribery charges in the US. Domestically, the Adani case has also sparked political debate in India. The Congress party on Wednesday referred to Prime Minister Narendra Modi’s previous remarks that the Adani issue was a personal matter. The party questioned whether Modi’s government would cooperate with the US SEC’s request in its ongoing investigation into the business group.

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