Washington: A US judge has accepted Indian billionaire Gautam Adani’s request seeking a hearing to dismiss a fraud case filed by the US Securities and Exchange Commission (SEC).
In its order, the US District Court for the Eastern District of New York directed both parties to schedule a pre-motion conference.
The petition, filed by lawyers representing Adani and his nephew Sagar Adani, argues that the US court lacks jurisdiction in the matter and that the case is legally untenable on multiple grounds.
Adani’s legal team told the court that there is no credible evidence supporting the alleged bribery scheme. They maintained that the statements flagged by the SEC as misleading amount to general corporate optimism, or “puffery,” and cannot be treated as guarantees for investors.
The defence further argued that the complaint does not establish any direct role of Gautam Adani in preparing or approving any misleading documents. It also claimed that investors did not suffer any financial losses, noting that all bonds have matured and Adani Green repaid both principal and interest in full and on time in 2024.
Lawyers also emphasised that the alleged transactions and events took place entirely in India, with no direct involvement of US companies or customers, placing the matter outside the scope of US securities laws.
Notably, the SEC had alleged in November 2024 that the Adani Group orchestrated a scheme involving over $250 million in bribes to Indian officials to secure solar energy contracts, while concealing this information during fundraising. The Adani Group has denied all allegations and is preparing to file a motion by April 30, 2026, seeking complete dismissal of the complaint.
The court’s decision to allow a hearing gives the Adani Group an opportunity to seek early dismissal of the case at a preliminary stage.
