US SEC fraud case against Gautam Adani can proceed after procedural hurdles addressed.

The U.S. Securities and Exchange Commission has advanced its case against Gautam Adani, the second richest person in India, by serving him with a civil lawsuit alleging fraud.

In a recent filing in a federal court in Brooklyn, New York, Adani’s legal team and the SEC reached an agreement to accept legal documents from the SEC, eliminating the need for the court to determine how to serve the defendants.

The Adanis now have 90 days to respond to the SEC’s complaints, which could potentially include a request for dismissal.

Robert Giuffra, representing Gautam Adani, and Sean Hecker, representing Sagar Adani, have both chosen to remain silent on the matter.

The SEC filed charges against the Adanis in November 2024 for violating U.S. Securities Law by allegedly orchestrating a bribery scheme of hundreds of millions of dollars to benefit Adani Green Energy, a company where both Adanis hold executive positions.

Serving legal papers on the defendants, who are located in India, has been a challenge for the SEC.

In a parallel development, U.S. prosecutors initiated a criminal case against the Adanis and other defendants in November 2024, but there have been no significant developments in the case for over a year. Throughout this time, the SEC’s case has remained dormant.

Gautam Adani, aged 63, is the founder of the Adani Group and is estimated to have a net worth of $59 billion by Forbes magazine.

The progress made in resolving procedural issues in the SEC’s fraud case against Gautam Adani signals a significant step forward in the legal proceedings involving one of India’s most prominent businessmen. As the case moves forward, attention will be closely monitored to see how it unfolds and whether additional developments emerge.