Bribery indictment: US SEC says India yet to serve summons to Adani executives

WASHINGTON: The US Securities and Exchange Commission (SEC) said Indian authorities have not yet acted on its requests to serve summons and complaints to Adani Group executives over alleged securities fraud and a $265 million bribery scheme, a court filing showed on Friday.

The case is one of the most high-profile attempts by a US regulator to secure cross-border cooperation from Indian authorities in a matter involving one of that country’s largest conglomerates.

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The SEC told a New York district court that it has been in repeated contact with India’s law ministry in efforts to serve legal documents to Adani Group founder Gautam Adani and his nephew, Sagar Adani. Its most recent communication with the ministry was on September 14, but no confirmation of delivery has been received.

“The SEC will continue communicating with the India Ministry of Law and Justice and pursuing service of the defendants via the Hague Service Convention,” the filing said.

Neither Adani Group executive is in US custody, and both are currently in India.

Last year, US prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, opens new tab, a unit of the Adani Group.

The SEC complaint alleged that the executives then misled U.S. investors by providing reassuring information about the company’s anti-graft practices.

Adani Group and India’s Ministry of Law and Justice did not immediately respond to Reuters requests for comment. In the past, the Adani Group has called the allegations “baseless” and said it would pursue “all possible legal recourse.” In January, Adani Green Energy said it had appointed independent law firms to review the US charges.