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Adani Settles SEC Fraud Claims for $18 Million

Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to settle civil fraud allegations brought by U.S. regulators without admitting wrongdoing. Gautam Adani will pay $6 million in penalties while Sagar Adani will contribute $12 million. The case centered on allegations that the two men misled investors through a bribery scheme tied to solar energy contracts in India. Adani Green Energy confirmed the company itself faces no charges. The Justice Department is expected to drop related criminal charges filed in November 2024 against Gautam Adani and seven others. Following the settlement announcement, shares of Adani Enterprises rose 1.8% and Adani Green added 0.6% after initial declines.