Billionaire Gautam Adani and his nephew, Sagar Adani, have now agreed to settle and pay a total of $18 million in penalties to the US Securities and Exchange Commission after they were sued for bribery and orchestrating a fraud scheme in India.
Under the settlement, Adani is to pay a $6 million, and Sagar Adani will pay $12 million .
In a letter to the the National Stock Exchange of India, Adani Green Energy said that they have filed their request for entry of final judgment, before an NY Court on May 15, 2026. The final judgment is awaited.
The company also clarified that it is not part of these proceedings and that no charges were brought against it.
The company pared some of its early losses after the announcement on Friday. Shares of Adani Enterprises rose 1.8 per cent, and Adani Green rose 0.6 per cent after the news of the SEC settlement.
LSEG data also shows that the share of Adani Green is up around 41 per cent this year, keeping its 52-week high.
The charges laid out by the US Securities and Exchange Commission were over allegations of bribery related to solar energy. The DOJ indicted the charges in November 2024 against Adani and seven others. The SEC alleged that a bribery scheme was orchestrated to enable two energy companies to “capitalise on a multi-billion-dollar solar energy project that the companies had been awarded by the Indian government. “
Adani Green, they said, reportedly raised more than $175 million from US investors in the alleged scheme.
They also reportedly traded Azure’s PowerShares stock on the New York Stock Exchange before they paid more than $250 million in bribes to the indian governemnt officials.
While the alleged criminal action occurred in India, they were charged in Brooklyn as the fundraising efforts happened in the US.
The US Department of Justice will also likely drop the Criminal Fraud charges, Reuters reported.
Adani's lawyer Robert Giuffra who is also a personal attonery of US president Donald Trump to the DOJ last month, that Adani could not make its promised investment of $10 billion in the US while the case was proceeding.
