Adani Group Faces SEC Bribery Allegations in Solar Contract Probe

Gautam Adani and his nephew, Sagar, are summoned over allegations of paying $265 million in bribes to obtain solar contracts. The SEC and US Department of Justice allege that the Adani Group engaged in corrupt practices. Adani Group denies the charges, asserting strong governance and compliance.

Gautam Adani, founder of the Adani Group, and his nephew Sagar have been summoned by the US Securities and Exchange Commission (SEC) over accusations of a $265 million bribery scheme aimed at securing profitable solar energy contracts.

The summons, delivered to residences in Ahmedabad, demand a response within 21 days, with failure to comply potentially resulting in a default judgment. This legal confrontation follows an indictment by a New York court alleging that the Adani Group paid bribes to Indian officials between 2020 and 2024.

Amid the mounting legal challenges, the Adani Group, a significant player in the ports-to-energy sector, has denied any wrongdoing, emphasizing its commitment to transparency and legal compliance. This multifaceted case underscores the SEC's and US Justice Department's efforts to dismantle international bribery schemes and maintain market integrity.

(With inputs from agencies.)