SEC Lawsuit Against Gautam Adani Paused Due to US Government Shutdown
A US federal judge has temporarily halted the Securities and Exchange Commission’s lawsuit against billionaire Gautam Adani, citing the ongoing government shutdown. The civil case alleges Adani provided false information about Adani Green Energy, but proceedings are frozen until the shutdown ends.
Key Developments
- SEC civil lawsuit paused due to government furlough
- Criminal bribery investigation continues unaffected
- Eight individuals charged in $250 million fraud case
- Adani Group denies all allegations as baseless
Case Details and Judicial Order
US Magistrate Judge James Cho approved the pause in proceedings and ordered the government to provide a status update within 30 days after the shutdown concludes. The SEC’s lawyer cannot work on the case during the furlough period.
Criminal Charges Proceed
Meanwhile, the separate criminal investigation remains active. US prosecutors in Brooklyn charged Gautam Adani in November with fraud and involvement in a $250 million bribery scheme. The indictment also names Adani’s nephew Sagar R. Adani and executive Vneet S. Jaain.
Prosecutors have charged eight individuals total with conspiring to violate the Foreign Corrupt Practices Act. None of the accused have yet appeared in court.
Adani Group’s Response
The Adani Group has consistently denied all US allegations, describing them as completely baseless. In June, Gautam Adani stated that no company official had been charged with FCPA violations or obstruction of justice.
