Gautam Adani and Nephew Summoned Over US SEC Bribery Allegations
Gautam Adani, the founder and chairman of the Adani Group, along with his nephew Sagar, has been summoned by the US Securities and Exchange Commission (SEC) to respond to allegations of paying USD 265 million in bribes to secure solar power contracts in India. The SEC claims the bribes were paid to Indian government officials between 2020 and 2024 to obtain lucrative solar contracts, which were expected to yield significant profits over two decades.
Summons have been issued to both Adani and Sagar, who is a director at Adani Green Energy Ltd, to provide a response within 21 days. The SEC’s notice, delivered via the New York Eastern District Court, warns of a default judgment if the defendants fail to respond.
The SEC’s charges stem from an investigation that began in 2022, alleging the Adani Group raised USD 2 billion in loans and bonds through false claims regarding anti-bribery practices. The SEC indictment follows a similar action from the US Department of Justice, further intensifying scrutiny on the conglomerate’s practices.
The Adani Group has denied the allegations, asserting its commitment to the highest standards of governance and legal compliance across its operations.
