US SEC asks India to help serve notice to Gautam, Sagar Adani in fraud case

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US SEC asks India to help serve notice to Gautam, Sagar Adani in fraud case

In November 2024, US SEC alleged Gautam Adani and nephew Sagar Adani paid or promised bribes to secure Indian state energy contracts for 'Manufacturing Linked Projects'

15 min

August 14, 2025

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The United States Securities and Exchange Commission (SEC) has turned to Indian authorities for help in serving legal notices to two senior Adani Group executives, as part of a $750-million bond fraud case filed in a US court.

In a status report dated August 11 to Magistrate Judge James R Cho of the Eastern District of New York, the US SEC said it had approached India’s Ministry of Law & Justice under the Hague Service Convention, which governs cross-border delivery of legal documents.

The US SEC’s November 2024 complaint accused Gautam Adani, founder of Adani Green Energy Ltd, and his nephew Sagar Adani, the company’s executive director, of paying or promising hundreds of millions of dollars in bribes to secure Indian state energy contracts for the ‘Manufacturing Linked Projects’. According to the US market regulator, these contracts were later used to market a $750-million green bond issue in 2021, including $175 million sold to US investors, with representations of strict compliance with anti-bribery rules.

ALSO READ: Adani stocks crack up to 5% as US SEC seeks India's help in bribery case

Summons yet to be served on Gautam and Sagar Adani

In its status report, the regulator said previous summons and complaints to Gautam Adani, founder of Adani Green Energy Ltd, and his nephew Sagar Adani, the company’s executive director and their lawyers had not yet been formally served since the complaint was filed in November 2024.

The US SEC said that despite multiple attempts since early 2025, including sending notices directly to the executives and their counsel and coordinating with Indian authorities, the summons and complaint have not yet been formally served. The regulator is seeking civil penalties, injunctions, and bans on the two executives from serving as officers or directors of public companies.

The case is being pursued under Rule 4(f) of the US Federal Rules of Civil Procedure, which allows service abroad by any internationally agreed method “reasonably calculated to give notice” and does not impose a deadline. The commission has been updating the court periodically, with earlier reports submitted on April 23 and June 27.

ALSO READ: Independent review finds no irregularities, says Adani Green

Adani Group denies US SEC allegations

The Adani Group has strongly rejected the allegations from both the SEC and the US Department of Justice, calling them “baseless and denied”. Following the allegations in November, a spokesperson said the charges remain unproven, noting the presumption of innocence, and pledged to pursue “all possible legal recourse.”

“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 spokesperson said. “We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”

In its latest filing, the US SEC said it will continue communicating with Indian authorities and keep the court informed of any developments in the service process.

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Transcript

Aarti Mehra:

Hello and welcome to National Security Now, where we break down defence and strategic affairs shaping India and the world. I'm your host, Aarti Mehra. Today, we’re diving deep into India’s evolving defence posture in the Indo-Pacific — a region fast becoming the theatre of global power competition.Joining us is someone who’s been at the heart of India’s defence planning — Lt. Gen. (Retd.) Arvind Kapoor, a decorated officer and now a respected strategic analyst. General Kapoor, welcome to the show.

Lt. Gen. Arvind Kapoor:

Thank you, Aarti. It’s great to be here.

Aarti Mehra:

Let’s begin with the basics. Why is the Indo-Pacific so critical for India?

Lt. Gen. Arvind Kapoor:

That’s a great starting point. The Indo-Pacific is not just a geographical construct—it’s a strategic reality. Over 90% of India’s trade by volume passes through these waters. It’s also where major powers — the US, China, Japan, Australia — are asserting influence. For India, it’s about securing maritime trade, ensuring freedom of navigation, and strengthening regional partnerships.

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US SEC asks India to help serve notice to Gautam, Sagar Adani in fraud case

Summons yet to be served on Gautam and Sagar Adani

Adani Group denies US SEC allegations

Aarti Mehra:

Lt. Gen. Arvind Kapoor:

Aarti Mehra:

Lt. Gen. Arvind Kapoor:

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