The U.S. Securities and Exchange Commission (SEC) has asked a federal court to approve final judgments to settle a civil case against Indian billionaire Gautam Adani, and his nephew Sagar Adani. The settlement would require Gautam to pay $6 million and Sagar $12 million, “without admitting or denying the allegations in the complaint.”
The SEC alleged that the Adanis “orchestrated a scheme to pay or promise to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials in exchange for commitments to purchase energy at above-market rates, thereby benefiting Adani Green.” OCCRP previously reported that the Adani Group rejected the allegations as “baseless.”
