New Delhi: Indian industrialist Gautam Adani and his nephew Sagar Adani have reportedly agreed to pay a combined penalty of $18 million proposed by the United States Securities and Exchange Commission (SEC) in connection with a civil fraud case linked to alleged bribery charges.
According to reports, the SEC proposed a $6 million penalty for Gautam Adani and $12 million for Sagar Adani as part of a settlement aimed at resolving the civil proceedings without either party admitting or denying wrongdoing.
The case stems from allegations made by US authorities in 2024, accusing Adani Group-linked entities of concealing an alleged bribery scheme tied to solar energy contracts in India while raising funds from American investors.
Reports further indicated that the US Department of Justice is also considering dropping related criminal fraud charges against Gautam Adani as discussions over the settlement progress.
The Adani Group has consistently denied all allegations and maintained that the accusations are baseless.(KNC)
