Adani scores early win in US $250 million bribery case
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New Delhi: A US court has granted billionaire Gautam Adani’s request to schedule a hearing on his plea to dismiss a fraud case filed by the U.S. Securities and Exchange Commission (SEC).
The Eastern District Court of New York approved a pre-motion conference, allowing Adani and his nephew Sagar Adani to argue for early dismissal of the complaint, potentially avoiding a prolonged trial.
The SEC’s case, filed in November 2024 alongside a criminal complaint by the U.S. Department of Justice, alleges the Adanis were involved in a $250 million bribery scheme linked to solar energy contracts in India and misled US investors during fundraising.
Adani’s legal team has strongly denied the allegations, arguing there is no credible evidence of bribery and that US regulators lack jurisdiction. They contend the case represents an “impermissible extraterritorial application” of US securities laws.
The defence emphasised that the $750 million bond sale by Adani Green Energy was conducted outside the US under Rule 144A and Regulation S exemptions, with no direct involvement of US investors at issuance.
