Gautam Adani and Sagar Adani

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26554 / May 14, 2026

Securities and Exchange Commission v. Gautam Adani and Sagar Adani, No. 1:24-cv-08080 (E.D.N.Y. filed Nov. 20, 2024)

SEC Files Proposed Final Judgments Against Gautam Adani and Sagar Adani

On May 14, 2026, the U.S. Securities and Exchange Commission moved for entry of final judgments by consent as to Gautam Adani and Sagar Adani, whom the SEC previously charged with making false and misleading statements in connection with a 2021 bond offering by Adani Green Energy Ltd.

The SEC’s complaint, filed on November 20, 2024, alleged that Gautam Adani and Sagar Adani, respectively the founder and Executive Director of Adani Green, orchestrated a scheme to pay or promise to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials in exchange for commitments to purchase energy at above-market rates, thereby benefiting Adani Green. The complaint alleged that in September 2021, while the bribery scheme was ongoing, the defendants falsely touted Adani Green’s compliance with anti-bribery principles and laws in connection with a $750 million bond offering, which raised more than $175 million from U.S. investors. According to the complaint, Adani Green’s offering materials contained statements about its anti-corruption and anti-bribery efforts that were materially false or misleading in light of the bribery scheme.

Without admitting or denying the allegations in the complaint, Gautam Adani and Sagar Adani each consented to the entry of final judgments, subject to court approval, that would permanently enjoin each from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, the final judgments, if approved by the court, would order Gautam Adani and Sagar Adani to pay civil monetary penalties of $6,000,000 and $12,000,000, respectively.

The SEC’s investigation was conducted by Nicholas Karasimas, Stewart Gilson and Christopher Colorado, under the supervision of Alison Conn of the SEC’s New York Regional Office.  The SEC’s litigation was led by Messrs. Colorado, Karasimas, and Gilson, under the supervision of Thomas P. Smith, Jr. and Daniel Loss.