The SEC had alleged that billionaire Gautam Adani and his relative paid $250 million in bribes to government officials in India to secure solar contracts|President.az|CC BY 4.0

The Securities and Exchange Commission (SEC), which charged Indian billionaire Gautam Adani and his nephew with fraud charges in 2024, has sought court approval for a settlement in the civil lawsuit.

The SEC alleged that Adani and his relative, Sagar Adani, misled investors and paid $250 million in bribes to government officials in India to secure solar contracts.

Under the settlement, Gautam Adani will pay a $6 million penalty, while Sagar Adani will pay $12 million, without admitting or denying the allegations. Media reports suggest that the Justice Department will also likely drop criminal fraud charges.

Adani was charged following a 2022 Hindenburg Research report, which accused him of stock manipulation and fraud. He and his company have denied any wrongdoing.

Notably, the New York Times reported that Gautam Adani had recently offered to invest $10 billion in the US economy and create 15,000 jobs.