The US Securities and Exchange Commission has reached a proposed settlement in its civil case against Indian billionaire Gautam Adani, according to court filings released Thursday. The agreement, which must still be approved by a judge, resolves SEC allegations that Adani bribed Indian officials and misled US investors.
Court documents say Adani has agreed to pay $6 million in civil penalties, while his nephew Sagar Adani, a senior figure at Adani Green Energy, will pay $12 million. The settlement does not include any admission of wrongdoing.
Separately, international reporting indicates the Department of Justice is close to dropping related criminal fraud charges against Adani. US prosecutors originally brought those charges in 2024 under the Biden administration. News coverage also said the SEC and DOJ were nearing resolution that would combine financial penalties with a pledge by Adani to invest about $10 billion in the United States.
Adani, a well-known ally of Indian Prime Minister Narendra Modi, has not faced parallel corruption investigations in India despite the US allegations, which centered on purported payments to secure a valuable solar contract. The 2024 announcement of US charges coincided with a sharp drop in Adani Group share prices, with some stocks tumbling as much as 23%.
According to reports, momentum to drop the US criminal case rose after Adani retained a new legal team led by lawyer Robert Giuffra, who has represented high-profile US clients including Donald Trump. At an April meeting between defense counsel and prosecutors, the defense presented more than 100 slides arguing the case lacked basic evidence and that US courts lacked jurisdiction. One slide outlined an offer that, if charges were dropped, Adani would invest $10 billion in the United States and help create up to 15,000 jobs. Adani had previously posted a similar pledge online after the 2024 US election.
Prosecutors reportedly told Adani’s lawyers the investment offer would not determine the outcome of the charges, though the presentation did draw at least one positive reaction from a senior Justice Department official, according to the reporting.
In addition to the SEC and DOJ matters, a US Treasury Department inquiry into certain Adani companies over alleged shipments of Iranian gas in violation of sanctions is also expected to be resolved through a separate financial penalty, sources said.