Gautam Adani agrees to settle SEC civil fraud case over alleged bribery scheme

Gautam Adani is close to putting one of the biggest U.S. legal overhangs on his business empire behind him after agreeing to settle a civil fraud case brought by the U.S. Securities and Exchange Commission, according to people familiar with the matter. The deal, reported by Bloomberg and the Independent, would end a lawsuit that accused the Indian billionaire and his nephew, Sagar Adani, of misleading investors about an alleged bribery scheme tied to Adani Green Energy and would help clear a path for the group to focus again on fundraising and expansion.

The SEC case, filed in November 2024, centered on allegations that the Adanis violated U.S. securities laws by making false and misleading statements to investors. The commission said the company’s disclosures obscured an alleged plan to pay or promise bribes to Indian officials in order to secure solar power contracts. The Adani Group has consistently denied wrongdoing, and the settlement is not an admission of liability, according to the reporting.

If finalized, the agreement would mark a significant shift after months in which the case had stalled amid service and procedure issues. Bloomberg reported that the proposed settlement would cost Adani about $6 million, though details of the final terms have not been publicly filed. The Independent described the move as a settlement of the U.S. government’s lawsuit accusing him of hiding an alleged bribery scheme. Court approval would be needed before the matter is formally closed.

The SEC case is only one piece of a wider legal and reputational challenge that has shadowed the Adani Group since late 2024. In a separate action, federal prosecutors in Brooklyn brought criminal charges against Gautam Adani and others, accusing them of helping to facilitate a $265 million bribery scheme in India to win solar contracts. That criminal case remains separate from the SEC matter, and there has been no public indication that the settlement affects those allegations.

The stakes for Adani have been high because the legal pressure has come at a time when his conglomerate has been seeking to reassure investors, lenders and business partners after a turbulent period. The group has said its operations continue normally, but the U.S. cases have complicated capital raising and added uncertainty around future investment plans. Ending the SEC lawsuit would remove one major source of that uncertainty, even as broader scrutiny of the company’s conduct continues.

For global investors, the settlement is also a reminder of how U.S. regulators can reach into overseas corporate conduct when securities are sold to American markets. In this case, the SEC argued that disclosures made in connection with Adani Green Energy’s fundraising misled investors about corruption risks. A settlement would not resolve the underlying political and legal questions in India, but it would narrow the U.S. legal exposure facing one of the world’s most prominent business figures.