The United States Securities and Exchange Commission (SEC) has proposed civil monetary penalties of $18 million against Gautam Adani and Sagar Adani. The charges are related to false and misleading statements made in connection with a 2021 bond offering by Adani Green Energy Limited, and alleged that Adanis orchestrated a bribery scheme to secure solar energy contracts in India and misrepresented anti-bribery practices to US investors.
Both criminal and civil cases were under review by US agencies. The SEC has proposed a $6 million penalty against Gautam Adani and a $12 million penalty against Sagar Adani, as reported by Bar and Bench.
The penalties form part of proposed final judgments filed by consent before the United States District Court for the Eastern District of New York on May 14.
The charges were announced in November 2024. Prosecutors alleged that Adani, his nephew Sagar Adani, and several others participated in a bribery scheme involving about $265 million in payments to Indian government officials. The bribes were allegedly made to secure contracts expected to generate nearly $2 billion in profits over two decades for a major solar power project.
US authorities also accusedthe Adanis and former Adani Green Energy CEO Vneet Jaain of raising more than $3 billion through loans and bond offerings while concealing the alleged corruption from lenders and investors. The three faced charges of securities fraud, securities fraud conspiracy, and wire fraud conspiracy.
The Adanis and others were also named in a parallel civil fraud case by the US Securities and Exchange Commission (SEC).
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