- Gautam Adani and Sagar Adani have been summoned by the US SEC regarding $265 million bribery allegations.
- The charges involve securing solar energy contracts by bribing Indian officials from 2020 to 2024.
- Adani Group denies the allegations, pledging to pursue legal options.
Gautam Adani, chairman of the Adani Group, and his nephew Sagar Adani have been summoned by the US Securities and Exchange Commission (SEC) to explain their involvement in a bribery case. The SEC has accused the Adani family members of paying $265 million in bribes to Indian government officials to secure solar energy contracts. The charges claim that these bribes helped the Adani Group secure contracts expected to generate billions in profits over 20 years.
The SEC summons were sent to the residences of both Gautam and Sagar Adani in Ahmedabad, with a 21-day deadline for them to respond. The US Department of Justice and SEC allege that the Adani Group used deceptive practices to mislead investors while securing loans and bonds based on false claims about their anti-bribery policies.
The Adani Group has denied all accusations, calling them unfounded, and has vowed to take all necessary legal actions to fight these charges. The case highlights serious allegations against the prominent Indian conglomerate and has raised concerns over corporate governance and transparency.
