Noida, May 15 (APAC Media): Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a total of $18 million to settle civil fraud charges brought by the US Securities and Exchange Commission (SEC), according to media reports.
Under the proposed settlement, Gautam Adani will pay $6 million, while Sagar Adani will pay $12 million. The agreement resolves allegations linked to disclosures involving Adani Green Energy and claims of misleading investors in connection with a solar power project and related fundraising activities.
The SEC had alleged that the defendants made false or misleading statements regarding compliance with anti-bribery standards during a bond issuance and concealed information tied to an alleged scheme involving payments to secure contracts.
Gautam Adani, Asia’s richest person, serves as chairman of the Adani Group, while Sagar Adani is executive director at Adani Green Energy. Neither the conglomerate nor its subsidiaries were named as a defendant in the US Securities and Exchange Commission (SEC) case. The company had earlier denied the allegations made by US authorities.
Bloomberg News reported in February 2025 that after the cases were filed, Adani developed a political influence network in the United States, which included legal counsel from major “white-shoe” law firms along with professional lobbyists.
The settlement does not include any admission or denial of wrongdoing and remains subject to approval by a US federal court.
Separately, reports indicate US authorities are moving to drop related criminal fraud charges against Gautam Adani, though no official confirmation has been issued.
The case, filed in November 2024, is part of broader scrutiny of disclosures made to international investors by the Adani Group.
Key takeaway: The case is not fully closed yet, but the civil settlement signals a major step toward resolution, pending court approval.
Source: Bloomberg
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