SEC Reaches Settlement With Indian Billionaire Gautam Adani in Civil Fraud Case

The SEC settlement would resolve civil allegations without admissions of guilt.

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel, on Jan. 31, 2023. Amir Cohen/Reuters

The U.S. Securities and Exchange Commission (SEC) has agreed to settle a lawsuit filed against Indian billionaire Gautam Adani in a civil securities fraud case tied to allegations that investors were misled about a major solar energy project in India.

A consent judgment filed on May 14 in the U.S. District Court for the Eastern District of New York states that Adani agreed to pay a $6 million civil penalty, while his nephew, Sagar Adani, agreed to pay $12 million under the settlement. The settlement does not include an admission of wrongdoing.