Adani Challenges Legitimacy of US SEC Fraud Case

Billionaire Gautam Adani has petitioned a US court for the dismissal of a fraud lawsuit filed by the Securities and Exchange Commission (SEC), asserting the case is inapplicable under US law due to its extraterritorial nature and insufficient jurisdiction. The suit accuses Adani and his nephew, Sagar, of concealing a bribery scheme tied to Indian officials by leveraging US securities laws, yet both Adanis deny these claims.

The lawsuit stems from an alleged misconduct involving a 2021 bond sale from Adani Green Energy Ltd, which, according to the Adanis, was conducted entirely outside the US under specific exemptions. The defendants argue that neither had any involvement or substantial connection with the US required for jurisdiction. The bond sale, valued at USD 750 million, was orchestrated outside the US, sold to non-US underwriters, and later, in part, to qualified US buyers.

Further, the Adanis critique the SEC's lack of substantive allegations relevant to US law, as the securities weren’t registered in the US, nor were US investors initially involved. With no alleged investor losses or credible evidence substantiating the purported bribery, Adani stands firm against the case, prepared to have it dismissed for overstepping legal reach.