SEC Summons Adani, Nephew Over Bribery Allegations

The U.S. Securities and Exchange Commission (SEC) has issued a summons to Indian billionaire Gautam Adani over bribery allegations detailed in a federal indictment, Reuters reported.

The SEC is suing Adani, head of the Adani Group, and his nephew, Sagar Adani, alleging that they orchestrated hundreds of millions of dollars in bribes to benefit an Adani company. I Photo: Adani Group Facebook

The SEC is suing Adani, head of the Adani Group, and his nephew, Sagar Adani, alleging that they orchestrated hundreds of millions of dollars in bribes to benefit an Adani company.

The complaint accuses them of "falsely promoting the company’s compliance with anti-bribery principles and laws in connection with a $750 million bond offering."

According to the court filing in the Eastern District of New York, the summons requires a response within 21 days. The SEC seeks unspecified monetary penalties and a ban on the Adanis from serving as officers of publicly listed companies.