US SEC Seeks India's Help in Adani Fraud Probe Over $265 Million Bribery Scheme

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The US Securities and Exchange Commission (SEC) has requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme. According to a court filing, the SEC is seeking help from India's Ministry of Law and Justice to serve its complaint to Gautam and Sagar Adani, who are currently located in India. The Adani Group has called the allegations "baseless" and vowed to seek "all possible legal recourse." The investigation is related to an alleged bribery scheme in which Adani Group is accused of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of the Adani Group conglomerate.

The SEC's request for assistance from Indian authorities is a significant development in the investigation, which has been ongoing for several months. The US regulator has been trying to serve its complaint to Gautam and Sagar Adani, but they are not in US custody and are currently located in India. The Indian government has not yet commented on the SEC's request for assistance, but it is likely that the government will cooperate with the US regulator in its investigation. The Adani Group has denied any wrongdoing and has said that it will cooperate fully with the investigation.

The investigation into Adani Group is part of a broader crackdown on corporate fraud and corruption by the US SEC. The regulator has been increasingly focused on investigating companies that have allegedly engaged in fraudulent activities, including bribery and securities fraud. The SEC's investigation into Adani Group is also significant because it highlights the importance of international cooperation in investigating and prosecuting corporate fraud. The US regulator is working closely with Indian authorities to gather evidence and build a case against the Adani Group.

Here are some key points related to the investigation: * The US SEC has requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani. * The investigation is related to an alleged $265 million bribery scheme in which Adani Group is accused of bribing Indian officials. * The Adani Group has denied any wrongdoing and has said that it will cooperate fully with the investigation. * The US SEC is working closely with Indian authorities to gather evidence and build a case against the Adani Group. * The investigation is part of a broader crackdown on corporate fraud and corruption by the US SEC.

The outcome of the investigation is still uncertain, but it is clear that the US SEC is taking a tough stance on corporate fraud and corruption. The regulator is working closely with international authorities to investigate and prosecute companies that have allegedly engaged in fraudulent activities. The Adani Group has said that it will cooperate fully with the investigation, but it is likely that the company will face significant consequences if it is found to have engaged in wrongdoing. The investigation is a significant development in the ongoing crackdown on corporate fraud and corruption, and it highlights the importance of international cooperation in investigating and prosecuting these types of crimes.