• The US SEC has sought cooperation from Indian authorities regarding its ongoing investigation into Adani Group's alleged securities fraud.
• Gautam Adani and his nephew Sagar are accused of orchestrating a $265 million bribery scheme.
• Political implications of the case may arise as the Adani Group has close ties to India's ruling government.

The U.S. Securities and Exchange Commission (SEC) has officially requested assistance from Indian officials in its investigation into Gautam Adani and his nephew Sagar Adani, relating to allegations of securities fraud and a substantial bribery scheme valued at $265 million, as detailed in a recent court filing. This request comes as the SEC continues its efforts to serve complaints to both Adani family members, who are currently situated in India and not under U.S. custody, according to reports by Reuters and Times of India.

The allegations against the Adani Group include bribing Indian officials to secure advantageous power supply agreements through its subsidiary, Adani Green Energy. Furthermore, the group is charged with misleading U.S. investors about its anti-corruption practices, as reported previously by South China Morning Post. Adani Group has vehemently dismissed these allegations as “baseless” and vowed to pursue all legal options available.

The political ramifications of this ongoing investigation cannot be overlooked. The accusations have been leveraged by opposition parties in India, particularly given Adani's close relationships with high-ranking political figures, including Prime Minister Narendra Modi. Modi and Adani are both from Gujarat, and their affiliations have come under scrutiny, especially as Indian opposition leader Rahul Gandhi continues to call attention to what he describes as the government's failure to address corruption linked to Adani.

Recent legal developments include a temporary pause on the enforcement of the Foreign Corrupt Practices Act (FCPA) issued by former President Trump, which could potentially benefit the Adani Group while the SEC's investigation unfolds. However, this reprieve is uncertain as new enforcement guidelines are anticipated to emerge in the coming months.

As the situation develops, the cooperation between U.S. and Indian authorities is critical in addressing the allegations against the Adani Group, which plays a pivotal role in multiple sectors including energy and infrastructure.

For further details, refer to the original articles from Reuters, Times of India, and South China Morning Post.