Adani Green Bribery Case: Gautam Adani and Sagar Adani Agree To Pay $18 Million To Settle US SEC Proceedings
Kirit Singhania
15 May 2026 11:13 AM IST
Industrialists Gautam Adani and Sagar Adani have agreed to pay a total of $18 million in civil penalties to settle a securities fraud case brought by the United States Securities and Exchange Commission (SEC), arising from allegations of bribery and misleading disclosures linked to Adani Green Energy Ltd. and related securities offerings.
Gautam Adani agreed to pay $6 million while Sagar Adani agreed to pay $12 million under consent filings submitted before the US District Court for the Eastern District of New York on May 14, 2026. The settlements are subject to court approval.
The SEC complaint filed in November 2024 alleged that Gautam Adani, chairman of the Adani Group, and Sagar Adani, executive director of Adani Green Energy, participated in a scheme involving approximately $265 million in alleged bribes to Indian government officials to secure solar energy contracts projected to generate more than $2 billion over 20 years.
US authorities alleged that the scheme was concealed from investors while Adani Green Energy undertook a September 2021 bond offering that raised $750 million, including about $175 million from US investors.
The SEC also alleged violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, which prohibit fraudulent or misleading conduct in connection with securities transactions, as well as Section 17(a) of the Securities Act of 1933, which bars fraud and material misstatements in securities offerings.
In their consent filings, both Adanis acknowledged the court's jurisdiction and agreed to the entry of final judgments without admitting or denying the allegations in the complaint, except with respect to jurisdiction.
The filings state that they waived their right to a jury trial and appeal, agreed not to seek reimbursement or tax deductions for the penalties, and accepted that the SEC could seek restoration of the proceedings if the settlement terms were breached.
The consent terms further provide that neither Gautam Adani nor Sagar Adani can seek reimbursement or indemnification for the penalties, including through insurance claims, nor claim any tax deduction or tax credit for the amounts paid.
The proposed judgments further provide that the penalties would constitute non-dischargeable debts under US bankruptcy law and may be enforced through all collection procedures authorised under US law.
The SEC clarified that the settlements resolve only the civil claims in the present proceedings and do not provide immunity from any criminal liability arising from the underlying facts.