The U.S. Securities and Exchange Commission (SEC) has agreed to settle a lawsuit filed against Indian billionaire Gautam Adani in a civil securities fraud case tied to allegations that investors were misled about a major solar energy project in India.
A consent judgment filed on May 14 in the U.S. District Court for the Eastern District of New York states that Adani agreed to pay a $6 million civil penalty, while his nephew, Sagar Adani, agreed to pay $12 million under the settlement. The settlement does not include an admission of wrongdoing.
The SEC sued the two men in late 2024, alleging they concealed from investors that Adani Green Energy Ltd.’s business expansion in India was being facilitated by promises of bribes to Indian officials….