The U.S. Securities and Exchange Commission has settled a civil lawsuit against Indian billionaire Gautam Adani and his nephew, Sagar Adani. The settlement, which is subject to court approval, follows allegations that the two made false and misleading representations about Adani Green Energy Ltd. and misled investors.
As part of the agreement, Gautam and Sagar Adani have agreed to pay a total of $18 million. The lawsuit filed by the U.S. government concerned the hiding of an alleged bribery scheme. This settlement is just one of the cases Adani currently faces in U.S. courts.
In a parallel criminal case, the U.S. Justice Department is reportedly moving to drop fraud charges against Adani. Sources familiar with the matter indicate that the Justice Department is close to dropping these charges after Adani promised to invest $10 billion in the U.S. economy.