Adani seeks to dismiss SEC fraud lawsuit

LootboxPhobia · 2026-04-07T17:24:47+00:00

Gautam Adani and his nephew are seeking to dismiss the U.S. Securities and Exchange Commission’s fraud lawsuit, arguing that the allegations have no basis. The SEC accuses them of publishing false information at Adani Green Energy Limited and of involving bribery related to solar contracts. The Adani Group denies these allegations, and the case has stalled because the Adani father and son remain in India.

LootboxPhobia

2026-04-07 17:24:47

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Investing.com – Gautam Adani is seeking to dismiss a fraud lawsuit filed by the U.S. Securities and Exchange Commission, with his legal team arguing that the regulator’s allegations lack support on multiple fronts.

On Tuesday in Brooklyn, New York, attorneys for the Indian billionaire and his nephew, Sagar Adani, told a federal judge that they will file a formal motion to dismiss by the end of April. The lawyers argued that the SEC lacks proper jurisdiction over the two and that the so-called false statements at the heart of the case are not actionable.

The SEC filed the lawsuit in November 2024, accusing Adani father and son of violating U.S. securities laws by making false and misleading statements about Adani Green Energy Ltd. Federal prosecutors in Brooklyn also brought criminal charges against Adani father and son and others, alleging that they were involved in a $250 million bribery scheme to secure solar power generation contracts in India.

Gautam Adani serves as chairman of the Adani Group, while Sagar Adani is executive director of Adani Green Energy. In the civil case, the SEC did not list the group or its corporate entities as defendants.

With Adani father and son remaining in India, both the criminal and civil cases have stalled. The Adani Group says the U.S. allegations are baseless.

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