

US SEC’s settlement with Gautam Adani does not end Justice Department’s criminal investigation
Subscribe to enjoy similar stories.MUMBAI: The US market regulator’s $18-million settlement of a civil case against Indian billionaire Gautam Adani and nephew Sagar Adani has no immediate bearing on a parallel criminal investigation initiated against them by the US Department of Justice (DoJ).The Securities and Exchange Commission (SEC) and the Adanis acknowledged that the settlement does not grant them immunity from any criminal liability related to the case, they said in their filings with a New York court.“This settles the civil action brought by the Securities and Exchange Commission. It has no implications for the existing criminal charges brought by the DoJ or any other criminal investigation that may be pending,” said Russell A.
Stamets, a partner at Circle of Counsels, a law firm in New Delhi.The SEC and the DoJ had filed similar suits against Adani and his nephew in November 2024 for allegedly paying more than $250 million in bribes to Indian government officials from 2020 to 2024 to obtain lucrative solar-energy contracts. The regulators claimed the Adanis lied about the company’s anti-bribery policies when raising capital from investors in the US.The Adani Group, in the past, has denied all allegations.
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