Billionaire Adani Faces SEC Bribery Charges in U.S.

The SEC has summoned Indian billionaire Gautam Adani over U.S. bribery allegations. The lawsuit accuses Adani and his nephew of paying millions in bribes to aid their company while misleading investors about compliance in a $750 million bond offering. The Adani Group denies the charges.

The U.S. Securities and Exchange Commission has initiated legal proceedings against Indian billionaire Gautam Adani, citing bribery allegations in a newly surfaced federal indictment. The court documents indicate the SEC is targeting both Adani and his nephew, Sagar Adani, accusing them of orchestrating bribery schemes worth hundreds of millions to support their company's interests while falsely promoting adherence to anti-bribery laws concerning a $750 million bond offering.

The filing, submitted on Wednesday in the federal court located in the Eastern District of New York, demands a response within 21 days. The SEC seeks unspecified fines and aims to restrict Gautam and Sagar Adani from occupying roles as officers in publicly listed companies. Adani Group representatives were unavailable for immediate comments following a Reuters inquiry on Sunday.

Adani Group has dismissed the charges as unfounded, with its CFO clarifying that the indictment pertains solely to one contract within Adani Green Energy, representing roughly 10% of the business, while exonerating other conglomerate firms of any misconduct. Arrest warrants have been issued against Gautam and Sagar Adani, portraying their alleged involvement in a $265 million scheme allegedly intended to bribe Indian officials to secure power-supply agreements.

(With inputs from agencies.)