Indian billionaire Gautam Adani and his nephew, Sagar Adani, have agreed to pay a combined $18 million to settle civil fraud allegations brought by the U.S. Securities and Exchange Commission (SEC). Gautam Adani will pay $6 million, while Sagar Adani will pay $12 million, according to a filing by Indian renewable energy company Adani Green.
Under the settlement, both men consented to the final judgment “without admitting or denying the allegations” outlined in the SEC’s civil complaint. The company clarified that it is not part of the proceedings and has faced no charges.
The case stemmed from alleged bribery linked to solar energy contracts awarded by India’s government and involved executives at Azure Power Global. A November 2024 indictment in New York federal court also charged Adani and seven others with bribery, fraud, misleading investors, and obstructing justice, reportedly involving more than $250 million in alleged bribes .
The U.S. Justice Department is expected to drop related criminal charges against the Adanis, media reports indicate. Adani’s legal team, led by Robert J. Giuffra Jr., argued that prosecutors lacked sufficient evidence and highlighted Gautam Adani’s prior offer to invest $10 billion in the U.S. economy and create 15,000 jobs .
The Adani Group, which oversees a sprawling business empire across ports, power, and infrastructure, has consistently denied all allegations, including those stemming from a 2023 report by short seller Hindenburg Research alleging accounting fraud and stock manipulation.
This settlement closes a significant chapter in U.S. regulatory scrutiny over Adani family business practices, while allowing the conglomerate to continue operations without the cloud of ongoing civil litigation.
More News:-
