US SEC seeks India's help in $250 mn Adani bribery probe

Adani broke the US Securities Act when AGEL raised $2 bn from American investors: SEC

- Varun Sood

The Securities and Exchange Commission (SEC) has sought the Indian government's assistance in the US market regulator's investigation of billionaire Gautam Adani, his nephew Sagar and their role in allegedly paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to obtain lucrative solar-energy contracts.

The SEC told a New York district court on Tuesday that as the Adanis are based out of India, the regulator had sought help from India's law ministry to serve its complaint to the Ahmedabad-based business tycoon.

"Defendants are located in India, and the SEC's efforts to serve them there are ongoing, including through a request for assistance to the Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters," SEC's counsel Christopher M. Colorado wrote in a letter, dated 18 January.

"Additionally, under Article 5(a) of the Hague Service Convention, the SEC has requested assistance from India's ministry of law and justice, the Central Authority for India under the Hague Service Convention," said Colorado in his letter to the judge.