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Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a combined $18m in penalties\u00a0to settle a civil fraud lawsuit<\/a>\u00a0filed by the US Securities and Exchange Commission.<\/p>\n\n\n\n In 2024, the regulator had accused the Adanis of paying bribes to Indian officials for high-profile renewable energy projects and misleading US investors about anti-bribery practices while trying to raise funds through a bond offering.<\/p>\n\n\n\n The proposed deal is subject to a court’s approval but markets responded positively to the developments, with Adani Group firm shares rising on Friday.<\/p>\n\n\n\n The Adani Group is one of India’s largest business conglomerates with interests in sectors including energy and airports.<\/p>\n\n\n\n The proposed agreement, which does not include any admission or denial of the allegations, also bars the Adanis from future violations of key US anti-fraud laws covering investor deception, securities fraud and market manipulation.<\/p>\n\n\n\n In the 2024 lawsuit, the securities regulator had also accused the Adanis of raising $750m, including approximately $175m from US investors, while allegedly misleading them about Adani Green Energy’s compliance with anti-bribery laws. The Adani Group has called the allegations “baseless”.<\/p>\n\n\n\n According to Forbes, the 63-year-old Adani is worth $82bn, making him one of the world’s richest people.<\/p>\n\n\n\n Separately, the New York Times, Reuters and Bloomberg reported on Thursday that the US Department of Justice was moving to drop criminal fraud charges against the Gautam Adani.<\/p>\n\n\n\n