The US Securities and Exchange Commission has taken a key procedural step that allows its civil fraud lawsuit against Indian billionaire Gautam Adani to move forward, advancing a long-stalled case that accuses one of the world’s richest industrialists of serious violations of US securities law.
In a filing submitted on Friday to a federal court in Brooklyn, the SEC said it had reached an agreement with US-based lawyers representing Adani and his nephew, Sagar Adani, to formally accept service of the regulator’s legal papers. The arrangement removes the need for a ruling by US District Judge Nicholas Garaufis on how the defendants should be served, an issue that had delayed the case for months because both men reside in India.
If the judge approves the agreement, Gautam Adani and Sagar Adani will have 90 days to respond to the SEC’s complaint. Their response could include motions seeking to dismiss the case. Lawyers for both men declined to comment on the filing.
The SEC charged the Adanis in November 2024, alleging they orchestrated a scheme that involved paying or promising to pay hundreds of millions of dollars in bribes to Indian government officials. According to the regulator, the alleged payments were designed to secure benefits for Adani Green Energy, where both Gautam and Sagar Adani serve as executives and directors, and to mislead US investors about the company’s business practices.
The civil case had been largely stalled since it was filed, as the SEC struggled to formally serve the defendants with legal documents. The latest agreement clears that hurdle and signals renewed momentum in a case that has drawn global attention because of Adani’s wealth, political influence, and the international reach of his conglomerate.
US prosecutors filed a related criminal case in November 2024 against the Adanis and several other defendants. That case has seen no public developments for more than a year, but it continues to hang over the Adani empire alongside the SEC’s civil action.
Gautam Adani, 63, is the founder and chairman of the Adani Group, a sprawling conglomerate with interests spanning energy, ports, airports, and infrastructure. Forbes estimates his net worth at about $59 billion, making him India’s second-richest person. As the SEC case resumes, it poses a fresh test for Adani’s global ambitions and the credibility of one of Asia’s most powerful business empires.
