ISLAMABAD: Indian billionaire Gautam Adani is set to ask a US court to throw out a civil fraud case filed by the Securities and Exchange Commission (SEC), according to his legal team.
The case, brought in November 2024, accuses Adani and his nephew Sagar Adani of orchestrating a bribery scheme involving hundreds of millions of dollars to secure advantages for Adani Green Energy, where both hold senior roles. The company failed to disclose the scheme in documents related to a $750 million bond offering in 2021.
In a filing submitted to a federal court in Brooklyn, New York, the Adanis’ lawyers argued that their clients had no direct involvement in the bond offering and lacked any intent to defraud or act negligently.
The defence also contended that the SEC’s case overreaches jurisdiction, describing the allegations as “impermissibly extraterritorial”, as the individuals involved, the alleged conduct, and the transactions were all based in India, and the bonds were not traded on US exchanges.
The SEC has not yet issued a response. Adani’s legal team said a formal motion to dismiss the case will be filed by April 30.
Separately, US prosecutors had launched a related criminal case in November 2024 against the Adanis and other individuals.
Gautam Adani, founder and chairman of the Adani Group and Adani Green Energy, is among the world’s wealthiest individuals, with an estimated net worth exceeding $60 billion.
