Adani settles US fraud case, pays $31 million fine

Indian billionaire Gautam Adani has agreed to pay $31 million to settle a civil fraud lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC accused Adani and his nephew, Sagar Adani, of misleading U.S. investors during a 2021 bond offering. The settlement resolves allegations that the Adani Group falsely claimed its operations in India were free of bribery. The SEC said the company raised $175 million from U.S. investors based on these claims. Adani did not admit or deny the charges but agreed to the penalty. Adani is one of the world's richest people, with businesses in ports, energy, and mining. The case had drawn attention because of his close ties to Indian Prime Minister Narendra Modi. The settlement closes a legal chapter for the Adani Group, which has faced multiple investigations in recent years.