SEC seeks $18 million penalty against Gautam Adani and nephew Sagar
The US SEC is hitting Gautam Adani and his nephew Sagar with a proposed $18 million civil penalty, accusing them of making false statements during a 2021 bond deal for Adani Green Energy.
The case also claims they were involved in a $265 million bribery scheme to win solar energy contracts in India, contracts expected to generate nearly $2 billion in profits over 20 years.
NY filing splits penalties, alleges bribery
Filed this week in New York, the SEC's proposed judgment splits the penalty: $6 million from Gautam and $12 million from Sagar.
US prosecutors say the Adanis and former AGEL CEO Vneet Jaain hid these alleged bribes while raising over $3 billion through bonds and loans.
Alongside criminal charges like securities fraud and conspiracy, there's also a separate civil fraud case, all part of a bigger investigation into financial misconduct at the Adani Group.