US SEC seeks India's help in Adani fraud probe
NEW DELHI, Feb 18 (Reuters) - The U.S. Securities and Exchange Commission has asked Indian authorities for help in its investigation of Adani Group founder Gautam Adani and his nephew over alleged securities fraud and a $265-million bribery scheme, a court filing showed on Tuesday.
The regulator told a New York district court it was making efforts to serve its complaint on the founder and his nephew, Sagar Adani, and was seeking help from India's law ministry to do so.
Neither individual is in U.S. custody, and both are now in India.
"The SEC has requested assistance ... under the Hague service convention," it said in the court filing.
India's opposition Congress party has called for Adani's arrest and accused Modi of shielding him or favouring him in deals in the past. Modi's party and Adani have denied the charges.
Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy (ADNA.NS), a subsidiary of his Adani Group.
Adani bribery charges
Under former President Joe Biden, the US Department of Justice had charged Adani for allegedly being part of a scheme to pay over $250 million (about ₹2,100 crore) bribe to officials in exchange of favourable terms for solar power contracts.
Prime Minister Narendra Modi was asked recently about bribery allegations against businessman Gautam Adani and if anything was discussed with US President Donald Trump during his meeting with him.
The Economic Times reported that Modi responded, “India is a democracy and our culture is 'Vasudhaiva Kutumbakam', we consider the whole world as one family. I believe every Indian is mine. Two prominent leaders of two countries never discuss such individual issues.”