Indian billionaire Gautam Adani and his nephew Sagar Adani agreed to pay $18 million in civil penalties in a US corruption-linked case, Adani Green Energy told the Mumbai Stock Exchange.
The Gautam Adani settlement covers a United States Securities and Exchange Commission civil case and comes without the two men admitting or denying the allegations, according to the company filing and AP.
The SEC had accused Gautam Adani and Sagar Adani of hiding an alleged bribery scheme linked to Indian solar energy contracts while misleading US investors.
The November 2024 indictment in New York accused Adani and other executives of participating in a scheme to pay about $250 million to Indian officials for solar energy supply contracts.
Adani Green Energy said the company was not a party to the proceeding and faced no charges in the case. The company also said a final US court judgment is still awaiting approval.
The New York Times reported Thursday that US prosecutors were moving to drop criminal charges against Adani after he hired a legal team led by Robert Giuffra, one of President Donald Trump’s personal lawyers, according to Channel NewsAsia and The Guardian.
Adani Group has denied wrongdoing in the case. The conglomerate spans coal, airports, cement and media, and Gautam Adani maintains close ties with Indian Prime Minister Narendra Modi.
