Adani Pays $18 Million to Settle US Bribery Fraud Case — Without Admitting Guilt
Indian billionaire Gautam Adani and his nephew agree to a landmark SEC settlement over allegations they concealed a massive bribery scheme to win solar energy contracts worth billions, as the US Justice Department is also reported to be moving to drop parallel criminal charges.
Gautam Adani, one of the world’s richest men and chairman of the Adani Group, has agreed to pay civil penalties to settle a high-profile fraud lawsuit brought against him by the US Securities and Exchange Commission (SEC). Court documents show that Gautam Adani agreed to pay civil penalties of $6 million while his nephew, Sagar Adani, agreed to pay $12 million — a combined $18 million settlement.
The proposed settlement does not include an admission of guilt.
The SEC had sued the Adani Group in November 2024, accusing Gautam Adani of leading efforts to pay or promise bribes to Indian officials to secure contracts for a solar power project, while falsely promoting the company’s compliance with anti-bribery laws in connection with a $750 million bond offering.
The SEC alleged that a bribery scheme was orchestrated to enable two energy companies to capitalise on a multi-billion-dollar solar energy project awarded by the Indian government. Adani Green reportedly raised more than $175 million from US investors in the alleged scheme, and more than $250 million in bribes were allegedly paid to Indian government officials. The charges were filed in Brooklyn, as the fundraising efforts had taken place on US soil.
Adani Green Energy confirmed in a stock exchange filing that both men had “consented to entry of the final judgment without admitting or denying the allegations made in the civil complaint.” The company also clarified that it was not a party to the proceedings and that no charges had been brought against it.
The US Department of Justice is also moving towards dropping parallel criminal fraud charges against Adani, marking a major development in a legal battle that began in 2024.
Shares of Adani Enterprises and Adani Green Energy pared early losses after reports of the settlement emerged, with Adani Enterprises up roughly 24% this year and Adani Green up around 41%. The settlement, if approved by a judge, is expected to allow the Adani Group to return to international capital markets and resume its ambitious expansion plans.
