Gautam Adani, nephew summoned by US SEC in $265 million bribery case
Adani Group founder Gautam Adani and his nephew Sagar Adani in connection with allegations of a Rs 2,200 crore ($265 million) bribery scheme, according to the Press Trust of India.
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Sagar Adani is also the executive director of Adani Green Energy Ltd. The summons, sent to Gautam Adani's Shantivan Farm address and Sagar Adani's Bodakdev residence, both in Ahmedabad, require a response within 21 days. The Adani Group, which didn’t respond to ET’s queries, has said it hasn’t violated any laws and will be seeking legal remedies. Adani Group stocks plummeted on Thursday after the charges became public. Some of them recovered on Friday.
The Securities and Exchange Commission had in its indictment said that Gautam Adani, Sagar Adani and six others paid $265 million in bribes to Indian state government officials between 2020 and 2024.
DoJ Building Criminal Case The payments were reportedly made to secure lucrative solar power contracts projected to yield $2 billion in profits over 20 years. “Within 21 days after service of this summons on you (not counting the day you received it)… you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," the notice stated. It also warned, «If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint,” according to the PTI report. ET could
