Adani Group Chairman Gautam Adani | Photo Credit: Adani Group/ANI
Gautam Adani and Sagar Adani have agreed to pay civil penalties of $6 million and $12 million, respectively, to settle charges brought by the US Securities and Exchange Commission over alleged misleading disclosures linked to a 2021 bond offering by Adani Green Energy.
In a litigation release issued on Thursday, the SEC said it had moved for entry of final judgments by consent against the two executives in the US District Court for the Eastern District of New York. The proposed settlements are subject to court approval.
Executives agree to settlement without admitting wrongdoing
Without admitting or denying the allegations, Gautam Adani and Sagar Adani consented to permanent injunctions barring them from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5.
Sources indicated that following this, a similar settlement may also be reached with the US Department of Justice, which had indicted the Adanis on criminal fraud charges. “We expect closure of all the cases in a month or so,” said the sources aware of the matter.
For the Adani group, the closure of the cases in the US is important for its fundraising plans, as a significant portion of its long-term financing comes through bond issuances to US investors.
A Reuters report also linked the settlement of the cases to Adani’s promise to invest $10 billion and create 15,000 jobs in the US after President Donald Trump’s re-election in 2024.
SEC allegations linked to 2021 bond offering
The SEC’s complaint, originally filed in November 2024, alleged that the two executives orchestrated a scheme in which they promised to pay hundreds of millions of dollars in bribes to Indian government officials in exchange for commitments to purchase energy at above-market rates, benefiting Adani Green.
According to the SEC, the alleged bribery scheme was ongoing when Adani Green launched a $750 million bond offering in September 2021 that raised more than $175 million from US investors.
The regulator alleged that offering documents issued during the bond sale falsely portrayed Adani Green as compliant with anti-corruption and anti-bribery laws and principles, making the disclosures materially misleading in light of the alleged conduct.
SEC seeks permanent restrictions
The SEC said the proposed final judgments would permanently restrain both executives from future violations of US securities laws tied to fraud and misleading statements.
The investigation was conducted by officials from the SEC’s New York Regional Office, while the litigation team included SEC attorneys Christopher Colorado, Nicholas Karasimas and Stewart Gilson under the supervision of senior enforcement officials.
Published on May 15, 2026