US SEC Seeks India’s Assistance in Adani Investigation
NEW DELHI: The US Securities and Exchange Commission (SEC) has formally requested the assistance of Indian authorities in its ongoing investigation regarding Gautam Adani, chairman of the Adani Group, and his nephew, Sagar Adani. This inquiry pertains to allegations of securities fraud and a significant $265 million bribery scheme, as revealed in a recent court filing reported by Reuters.
Details of the Investigation
The SEC has informed a New York district court that attempts to serve its complaint to both Gautam and Sagar Adani are still underway. Given that both individuals are currently in India and not in US custody, the SEC is seeking help from India’s Ministry of Law and Justice to facilitate the process.
Last year, federal prosecutors in Brooklyn unveiled an indictment accusing Gautam Adani of bribing Indian officials to encourage them to purchase electricity from Adani Green Energy, a subsidiary of the Adani Group. The indictment also claimed that Adani misled US investors by providing false information regarding the company’s anti-corruption measures.
What This Means for Investors
This investigation raises significant concerns for investors, particularly those involved with the Adani Group. Transparency and accountability are critical in maintaining investor confidence, and the outcome of this investigation will likely have lasting implications on the company’s reputation and stock performance.
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