US SEC Summons Gautam Adani, Nephew Over $265 Million Bribery Allegations
New York, Nov 23: The United States Securities and Exchange Commission (SEC) has summoned Gautam Adani, founder and chairman of the Adani Group, and his nephew Sagar Adani to address allegations of paying $265 million (₹2,200 crore) in bribes to secure lucrative solar power contracts.
The summons were issued to Gautam Adani’s residence at Shantivan Farm in Ahmedabad and Sagar Adani’s Bodakdev residence in the same city. The SEC has directed the accused to respond within 21 days of receiving the notice.
The November 21 notice, sent via the New York Eastern District Court, specifies that the accused must either answer the complaint or file a motion under Rule 12 of the Federal Rules of Civil Procedure. “If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court,” the notice warned.
The allegations, outlined in an indictment unsealed on Wednesday, claim that Gautam Adani, 62, and seven other defendants, including Sagar Adani, a director at Adani Green Energy Ltd, conspired to pay bribes between 2020 and 2024. The alleged scheme reportedly aimed to secure solar energy supply contracts on favorable terms, potentially yielding $2 billion in profits over 20 years.
In addition to the SEC’s charges, the US Department of Justice (DoJ) has also indicted the Adanis and Cyril Cabanes, an executive of Azure Power Global, in connection with what it described as a “massive bribery scheme.”
Responding to the accusations, the Adani Group has categorically denied the charges, asserting its commitment to legal compliance and ethical standards. “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations,” the group said in a statement. “We assure our stakeholders, partners, and employees that we are a law-abiding organization fully compliant with all laws.”
The case has raised concerns over corporate governance and transparency at one of India’s largest conglomerates, which operates across sectors including ports, energy, and infrastructure. Legal experts suggest that the coming weeks could see intense scrutiny as the group seeks to counter the allegations in US courts.
As the investigation unfolds, the developments could have significant ramifications for the Adani Group’s global reputation and its operations, particularly in the renewable energy sector, where it has positioned itself as a major player.
