US SEC Settles Civil Lawsuit Against Gautam And Sagar Adani: Report

The U.S. Securities and Exchange Commission on Thursday (local time) settled a civil lawsuit against Adani Group Chairman Gautam Adani, subject to court approval, reported Reuters citing court records.

According to media reports, Court documents show that Gautam Adani agreed to pay civil penalties of $6 million, while his nephew Sagar Adani, agreed to pay $12 million. The proposed settlement doesn’t include an admission of guilt, said news reports.

The US SEC had earlier alleged that Gautam Adani, Sagar Adani and others orchestrated an alleged USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

On April 8, the U.S. District Court for the Eastern District of New York had accepted a plea