Adanis set to settle US fraud case with $18m payment

NEW DELHI: Adani Group chairman Gautam Adani and his nephew, Sagar, executive director of Adani Green, are set to settle a civil fraud case in the US by paying combined penalties of $18 million.

Gautam Adani will pay a penalty of $6 million, and Sagar $12 million, to end the lawsuit filed by the US Securities and Exchange Commission (SEC), as per court papers.

In Nov 2024, SEC and the US department of justice (DoJ) alleged that the Adanis orchestrated a bribery scheme involving govt officials to secure solar power contracts, which were concealed from US investors and lenders while raising capital.

DoJ is separately moving to drop fraud charges against Gautam Adani, Bloomberg reported earlier. The department’s actions are being closely watched.

The move will pave the way for the ports-to-energy conglomerate to return to the international markets to fund its massive expansion plans. Adani Group is reviving plans to seek about $1 billion through a US-listed dollar-denominated bond, Bloomberg said in a report on Friday.

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