US regulator seeks Law Ministry's assistance in Adani bribery case, court filing reveals
- In Reports
- 12:34 PM, Feb 19, 2025
- Myind Staff
The Law Ministry has been asked to assist the US Securities and Exchange Commission in its probe into entrepreneur Gautam Adani and his nephew about allegations of securities fraud and a USD 265 million bribery scheme, according to a court document cited by India Today.
The US SEC informed a New York district court that it is still in the process of delivering its complaint to Gautam Adani and his nephew, Sagar Adani. The regulator also mentioned that it has requested assistance from the Law Ministry to serve the complaint to them. The regulator stated that it had already reached out to the Adanis and their lawyers, sending them notices about the lawsuit. In November last year, US prosecutors accused Gautam Adani and others of paying $265 million (about ₹2,029 crore) in bribes to obtain solar energy contracts from state electricity distribution companies between 2020 and 2024.
The US indictment claimed that Adani was involved in bribery to win these contracts in India and misled American investors by providing false financial information. The Adani Group has rejected the charge as baseless, which took place during the Joe Biden administration. The company declared that it would pursue every "possible legal recourse" option. Earlier this month, U.S. President Donald Trump stopped enforcing the Foreign Corrupt Practices Act, which was applied in the case involving Adani. In December last year, the Ministry of External Affairs (MEA) stated that the Indian government was not involved in the legal proceedings related to Adani-linked entities in the U.S.
"This is a legal matter involving private firms and individuals and the US Department of Justice," Randhir Jaiswal, spokesperson for the MEA, stated. In such circumstances, he said, "established procedures and legal avenues" will be followed. Union Home Minister Amit Shah recently commented on the Adani bribery case, stating that the government does not base its actions on media reports. Speaking at Agenda Aaj Tak, he emphasised that the government will take action only when it has official documents.
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