US SEC summons Gautam Adani, nephew Sagar Adani, in bribery case

Updated: Nov 23rd, 2024


Adani Group founder and chairman Gautam Adani and his nephew Sagar Adani have received a formal summons in relation to the $265 m (₹2,200 cr) bribery case by the US Securities and Exchange Commission (SEC).

The Eastern District of New York court on Wednesday charged Gautam Adani and seven others with multiple counts of fraud.

They were alleged of bribing Indian government officials to secure solar energy supply contracts and misrepresented their anti-bribery practices to investors.

As per the court document, they also obstructed a US government investigation into the scheme.

According to reports, the summons were sent to Adani’s Shantivan farm residence in Ahmedabad and Sagar's residence in Bodakdev, Ahmedabad.

The SEC has requested a response within 21 days, according to reports.

"Between 2020 and 2024, senior executives of (i) an Indian renewable-energy company, which was a portfolio company of an Indian conglomerate; (ii) an issuer company that operated in the renewable-energy sector whose securities were traded on a United States exchange," the court document stated.

" The issuer's largest shareholder, a Canadian institutional investor, participated in a scheme to bribe Indian government officials to ensure the execution of lucrative solar energy supply contracts with Indian government entities," it added.

"During the same period, senior executives of the Indian renewable-energy company conspired to misrepresent the company's anti-bribery practices to United States-based investors and international financial institutions," the document stated.

The court said that the company concealed from those same investors and institutions their bribery of Indian government officials to obtain billions of dollars in financing for green energy projects, including the corrupt solar energy supply contracts. In addition, senior executives of the issuer company and its Canadian institutional investor conspired to obstruct the United States government's investigations into the bribery scheme.

Also read :

India, US ties strong, confident of navigating issue of bribery against Adani: US official


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