The United States Securities and Exchange Commission (SEC) has reached a settlement in a civil lawsuit against Indian billionaire Gautam Adani and his nephew Sagar Adani, accused of bribing Indian officials and misleading US investors. Court documents show Adani agreed to pay $6 million and Sagar Adani $12 million in civil penalties, without admitting guilt. The settlement requires court approval.

The charges, brought in 2024 under the Biden administration, alleged that Adani paid bribes to secure a lucrative solar energy contract in India. Despite the US allegations, Indian authorities have not launched related investigations into Adani, a close ally of Prime Minister Narendra Modi.

According to The New York Times, the US Department of Justice is also close to dropping related criminal fraud charges. The settlement reportedly includes a pledge by Adani to invest $10 billion in the US and create 15,000 jobs—an offer he made publicly after Trump's election victory.

Adani hired a new legal team led by Robert Giuffra, a personal lawyer of President Donald Trump. In an April meeting, Giuffra presented over 100 slides arguing that prosecutors lacked basic evidence and jurisdiction. One slide suggested dropping charges in exchange for the $10 billion investment, though prosecutors claimed it would not influence the case.

A separate US Treasury investigation into Adani companies for allegedly shipping Iranian gas in violation of sanctions is also expected to be settled with a financial penalty.

Source: www.dw.com