Adani settles US fraud case

Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to an $18 million settlement with the U.S. Securities and Exchange Commission to resolve civil fraud charges.

The allegations stemmed from claims that the Adani Group misled American investors about the viability and regulatory approvals of a massive solar energy project in India.

While the settlement does not include an admission of guilt, it requires the Adanis to pay significant penalties and adhere to stricter disclosure requirements for future U.S. capital raises.

The deal aims to remove a major legal cloud that has hung over the conglomerate's international expansion plans for over a year.