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 filed by the US regime's Securities and Exchange Commission (SEC).
In 2024, the regulator accused the Adanis of paying bribes to Indian officials for high-profile renewable energy projects and misleading US investors about anti-bribery practices while trying to raise funds through a bond offering.
The proposed deal is subject to court approval, but markets responded positively, with Adani Group firm shares rising on Friday. The Adani Group is one of India's largest business conglomerates with interests in energy and airports.
The agreement, which does not include any admission or denial of the allegations, also bars the Adanis from future violations of key US regime anti-fraud laws covering investor deception, securities fraud, and market manipulation.
In the 2024 lawsuit, the SEC also accused the Adanis of raising $750 million, including approximately $175 million from US investors, while allegedly misleading them about Adani Green Energy's compliance with anti-bribery laws. The Adani Group has called the allegations "baseless."
According to Forbes, the 63-year-old Adani is worth $82 billion, making him one of the world's richest people. Separately, the US regime's Department of Justice is reportedly moving to drop criminal fraud charges against Gautam Adani.
The New York Times reported that the Justice Department's reversal came after Adani hired a new team of lawyers led by Robert J. Giuffra Jr., head of one of the most powerful law firms in the US and a personal legal adviser to President Donald Trump. Giuffra met with Justice Department officials last month to lay out concerns about the case.
According to the Times, Giuffra also noted that Adani would invest $10 billion in the US and create 15,000 jobs if prosecutors dropped the charges, repeating a pledge Adani made to Trump after the 2024 presidential election. The BBC has reached out to the US regime's Justice Department and the Adani Group for comment.
Source: www.bbc.com