May 15, Kathmandu – Indian billionaire Gautam Adani and his nephew Sagar Adani are prepared to pay nearly $20 million in fines related to an ongoing case on American soil. The Adani family has agreed to pay a $18 million fine to resolve the fraud charges filed against them by the US Securities and Exchange Commission (SEC). The Adani Group is one of India’s leading business conglomerates, with significant investments in sectors such as airports and energy.
In 2024, US regulatory authorities accused the Adani family of bribing Indian officials to secure high-profile renewable energy projects and misleading American investors through bond issuance efforts. The American court has also endorsed the case. The Adani Group faced allegations of defrauding investors, securities fraud, and market manipulation, violating US laws. According to Indian media reports, by agreeing to pay the fine, the family has committed to refraining from any future violations of these laws.
US media report that the US Department of Justice is preparing to drop criminal fraud charges against Gautam Adani. This development came after a legal team led by Robert J. Giuffra Jr. took over Adani’s defense, as reported by The New York Times. This group is considered one of the most influential law firms in the US and has previously acted as private legal counsel for former US President Donald Trump. Giuffra also handled a significant case involving Trump in the past. Following the resolution of the case, the legal team has advocated that Adani plans to invest $10 billion in the US, which would create 15,000 new jobs.
