Adanis Settle US Civil Fraud Case for $18m as Criminal Charges Drop

Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a combined $18 million to settle a civil fraud lawsuit filed by the US Securities and Exchange Commission (SEC). The regulator had accused them in 2024 of bribing Indian officials for renewable energy projects and misleading US investors about anti-bribery compliance during a bond offering that raised $750 million. While the settlement bars future violations of US anti-fraud laws, it includes no admission or denial of guilt, allegations the Adani Group maintains are baseless. Concurrently, reports indicate the US Department of Justice is moving to drop separate criminal fraud charges against Gautam Adani. This legal reversal reportedly followed engagements by Adani’s new legal team, led by Robert J. Giuffra Jr., who highlighted a pledged $10 billion US investment and job creation. The developments reflect a broader shift in prosecuting foreign bribery cases under the current US administration. Market reactions were positive, with Adani Group shares rising following the news. The settlement remains subject to court approval, marking a significant resolution to high-profile legal challenges facing one of the world's largest business conglomerates.