Published : 16 May 2026, 09:03 PM
Updated : 21 Aug 2026, 03:44 PM
Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a combined $18 million in penalties to settle a civil fraud lawsuit brought by the US Securities and Exchange Commission (SEC), the BBC reports.
The SEC had accused the Adanis in 2024 of paying bribes to Indian officials to secure high-profile renewable energy contracts and misleading US investors about the group's anti-bribery practices while raising funds through a bond offering.
The Adani Group has called the allegations "baseless".
The proposed settlement, subject to court approval, carries no admission or denial of the allegations, the UK broadcaster said.
It also bars the Adanis from future violations of key US anti-fraud laws covering investor deception, securities fraud, and market manipulation, the BBC added.
Markets responded positively to the news, with Adani Group shares rising on Friday.
The 2024 lawsuit had also accused the Adanis of raising $750 million, including roughly $175 million from US investors, while allegedly misrepresenting Adani Green Energy's compliance with anti-bribery laws.
Separately, the New York Times, Reuters, and Bloomberg reported on Thursday that the US Department of Justice was moving to drop criminal fraud charges against Gautam.
The Times said the reversal came after Adani brought in a new legal team led by Robert J Giuffra, head of one of the most powerful law firms in the US and a personal legal advisor to President Donald Trump.
Giuffra had previously represented Trump in his appeal against a criminal conviction in the hush-money payment case.
According to the Times, Giuffra met justice department officials last month to raise concerns about the case.
He also reportedly told prosecutors that Adani would invest $10 billion in the US and create 15,000 jobs if the charges were dropped -- a pledge Adani had first made to Trump shortly after his 2024 presidential election win.
Sources told the Times the dismissal reflected a broader shift away from prosecuting foreign bribery cases under the Trump administration.
Adani Group is one of India's largest conglomerates, with interests spanning energy and airports.
At 63, Gautam is worth $82 billion according to Forbes, placing him among the world's wealthiest individuals.
