SEC to ‘serve complaint’ on Adanis for bribery, fraud

• U.S. Securities and Exchange Commission (SEC) has written to Indian authorities to serve a complaint on Adani Group founder Gautam Adani and his nephew Sagar Adani for alleged securities fraud and a $265 million bribery scheme.

• The SEC is seeking assistance from India’s Union Ministry of Law and Justice to serve the complaint to both Adanis.

• The SEC filed a complaint in November 2024 alleging violation of anti-fraud provisions of the federal securities law.

• A related criminal case charges the defendants with conspiracy and securities fraud