February 19, 2025: The U.S. Securities and Exchange Commission (SEC) has sought help from India's Ministry of Law and Justice in its probe into billionaire Gautam Adani and his nephew Sagar Adani over allegations of securities fraud and a $265 million bribery scheme. The request, made under the Hague Service Convention, was revealed in a court filing on Tuesday, according to a Reuters report.

The SEC stated that both Gautam Adani and Sagar Adani are based in India, and efforts to serve them legal notices are ongoing. "The SEC has requested assistance from India's Ministry of Law and Justice, the Central Authority for India under the Hague Service Convention," the filing noted. The commission added that it would continue to use internationally agreed legal means to serve the defendants and keep the court informed of progress.

The developments led to sharp declines in Adani Group stocks in early Wednesday trading. Shares of Adani Enterprises, the flagship company, plummeted by 4.3% to ₹2,123.95, reducing its total market capitalization to ₹2.5 lakh crore. Adani Green Energy, which is alleged to have benefited from the bribery scheme, also fell 4.3% to ₹860. Other group stocks, including Adani Ports & Special Economic Zone, Adani Power, Adani Total Gas, and Adani Wilmar, registered losses ranging from 2.5% to 4.3%.

The allegations date back to an indictment unsealed last year by federal prosecutors in Brooklyn, which accused Adani of bribing Indian officials to push them into buying electricity from Adani Green Energy. The indictment further claims that Adani misled U.S. investors by presenting false information about the company’s anti-corruption practices.

Adani Group has strongly denied the allegations, calling them "baseless" and vowing to pursue "all possible legal recourse" to counter the charges.