Adani Group Seeks Dismissal of SEC's Extraterritorial Fraud Claims

The Adani Group, led by billionaire Gautam Adani, is seeking to dismiss a lawsuit filed by the US Securities and Exchange Commission (SEC) over alleged securities fraud tied to a purported bribery scheme in India. The group argues that the case lacks personal jurisdiction and represents an impermissible extraterritorial application of US law.

According to the Adani Group's legal team, the allegations, which surfaced in a November 2024 lawsuit, fail on multiple grounds, highlighting the group's lack of direct involvement in the US bond market. The $750 million bond offering by Adani Green Energy Ltd, they claim, falls outside US jurisdiction since it was conducted offshore with resales only partially reaching qualified US buyers.

The defense also contends that the SEC's charges do not demonstrate investor losses or valid connections to US financial markets, emphasizing the absence of binding legal agreements with US entities. Gautam Adani and his nephew deny all accusations and are pushing for a definitive dismissal ahead of the court's April 2026 deadline.