Adani Settlement Reached with SEC Over Fraud Allegations
Indian billionaire Gautam Adani and his nephew Sagar have agreed to pay eighteen million dollars to settle civil fraud charges with the U.S. Securities and Exchange Commission. Gautam will pay six million dollars while Sagar will pay twelve million dollars. The settlement resolves allegations that the two men misled investors as part of a bribery scheme tied to solar energy contracts in India. Both men have consented to the settlement without admitting or denying the allegations. The Justice Department is expected to drop related criminal charges. Adani Group shares recovered from early losses following the settlement announcement, with Adani Enterprises rising nearly two percent and Adani Green adding point six percent.
