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he U.S. Securities and Exchange Commission (SEC) has sought assistance from Indian authorities in its probe into Gautam Adani, founder of the Adani Group, and his nephew Sagar Adani, over allegations of securities fraud and a bribery scheme valued at $265 million.
The SEC has approached India’s law ministry for help in serving its complaint to the Adani relatives, who are currently not in U.S. custody and are residing in India, according to a Reuters report.
The request for aid was made under the Hague Service Convention, according to a court filing in a New York district court. The SEC’s efforts to reach the Adani Group founder and his nephew for the complaint were detailed in the document. The Adani Group and India’s law ministry have not immediately responded to requests for comment on the matter.
The case against the Adani Group intensified last year when federal prosecutors in Brooklyn unveiled an indictment accusing Gautam Adani of bribing Indian officials to purchase electricity from Adani Green Energy (NSE:ADNA) Ltd (NSE:ADANIGREEN), a subsidiary of his conglomerate. The indictment also alleges that Adani provided false information to U.S. investors regarding the company’s anti-corruption practices.
In response to the allegations, the Adani Group has dismissed the accusations as "baseless" and expressed an intention to pursue all available legal options. Adani Green Energy announced in January that it had engaged independent law firms to conduct a review of the U.S. indictment.
The investigation has garnered political attention in India as well, with the opposition Congress party calling for Adani’s arrest and accusing Prime Minister Narendra Modi of favoritism towards Adani in past deals.
Both Modi’s party and Adani have denied these allegations. Prime Minister Modi, on a recent trip to Washington, clarified to reporters that he did not discuss the Adani case with U.S. President Donald Trump, describing the issue as a personal matter not typically addressed by state leaders.
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