SEC Seeks Fresh Pathway to Advance Stalled Adani Fraud Case

After failing to serve Gautam Adani with a legal summons for more than a year, the US Securities and Exchange Commission wants a judge to clear a way for the agency to advance with its fraud case against the Indian billionaire. Adani Group stocks and bonds fell in India.

The SEC asked US District Judge Nicholas Garaufis in Brooklyn, New York, on Wednesday to let it use alternative measures to ensure that Adani and his nephew Sagar Adani — who both reside in India — are formally made aware of the legal action against them. Generally, such litigation can’t proceed in the US until the defendants have been properly served with the complaint.