Adani Group: US charges, SEBI's Hindenburg examination and where the cases stand
Adani Group: US charges, SEBI's Hindenburg examination and where the cases stand: a public-record watch file compiled by Falling Shares Intelligence from filings and exchange disclosures, as of 2026-11-08. On 20 November 2024 US federal prosecutors in Brooklyn announced charges against Gautam Adani, Sagar Adani and others over an alleged scheme involving about $265 million in payments to Indian officials for solar contracts; the SEC filed a parallel civil suit. The Adani Group called the allegations baseless.
A US indictment and SEC suit announced in November 2024, SEBI orders on the Hindenburg allegations, and the 2026 outcomes — what has been resolved, how, and what none of it proves.
Falling Shares Intelligence, Edited by Wung Thomas, Editor-in-Chief. As of .
Summary
- On 20 November 2024 US federal prosecutors in Brooklyn announced charges against Gautam Adani, Sagar Adani and others over an alleged scheme involving about $265 million in payments to Indian officials for solar contracts; the SEC filed a parallel civil suit. The Adani Group called the allegations baseless.
- In May 2026 the SEC civil case was reported settled for civil penalties of $18 million each for Gautam Adani and Sagar Adani without admitting or denying wrongdoing, and the Department of Justice moved to dismiss the criminal charges in its prosecutorial discretion; sources differ on the exact scope of the dismissal and any remaining counts.
- In India, SEBI's orders of 18 September 2025 found that loan and related-party allegations drawn from the Hindenburg Research report were not made out; in September 2026 it settled separate disclosure and audit proceedings against five group companies for about ₹1.5 crore, without admission or denial.
- These outcomes follow heavy market, lender and rating-agency scrutiny after the 2023 and 2024 allegations; the dismissals and settlements do not constitute a judicial finding on the merits.
Key figures
| Alleged payments in US indictment | ~$265 million (Allegation by US prosecutors; Adani denies) |
|---|---|
| SEC civil penalties (reported) | $18 million each (Gautam Adani and Sagar Adani; no admit/deny; subject to court approval) |
| SEBI settlement, five companies | ~₹1.5 crore (Reported 22–23 Sept 2026; no admit/deny) |
| US criminal case | Dismissed (scope reported differently) (Dismissed with prejudice per one report; another says obstruction-related count continued) |
| SEBI Hindenburg loan-transaction order | No violation found (Final order, 18 Sept 2025) |
US proceedings
US indictment and SEC suit announced
Prosecutors alleged a scheme involving about $265 million in bribes to Indian officials to win solar power contracts and that it was concealed from US investors and lenders. The SEC filed a parallel civil complaint. The group called the allegations baseless. (20 Nov 2024)
Service of process dispute
The SEC sought alternative means of serving the defendants in India, and the defence argued the SEC lacked jurisdiction and that its claims were impermissibly extraterritorial. (2025–2026)
SEC civil case settled
The SEC case was reported settled subject to court approval, with Gautam Adani and Sagar Adani each agreeing to civil penalties totalling $18 million without admitting or denying wrongdoing. Adani Green Energy said the parties had filed for a final judgment, which was awaited. One other outlet reported a different split ($6 million and $12 million). (14–15 May 2026)
DOJ moves to dismiss criminal charges
DOJ asked the Eastern District of New York to dismiss the indictment with prejudice, saying it chose in its prosecutorial discretion not to spend further resources on the individual defendants; the charges against Gautam Adani, Sagar Adani and Vneet Jaain were securities and wire fraud. Another report says a judge approved dismissal of three charges on 11 August 2026 while an obstruction-related count against other defendants remained. (May–Aug 2026)
SEBI and the Hindenburg allegations
SEBI final orders on conduit/loan allegations
SEBI examined Hindenburg's allegation that Milestone Tradelinks and Rehvar Infrastructure were conduits for funds between Adani Ports, Adani Power and Adani Enterprises. It found the FY2018-19 to FY2022-23 loans were genuine, fully repaid with interest and not related-party transactions under the law then in force. (18 Sep 2025)
SEBI settlement with five group companies
Five group companies paid about ₹1.5 crore to settle adjudication proceedings over alleged non-disclosure of related-party transactions and audit reports signed by firms allegedly lacking valid peer-review certificates, without admitting or denying the findings. ThePrint notes it is not a finding on the Hindenburg allegations as such. (22–23 Sep 2026)
Company, lender and market response
Group's consistent denial and legal strategy
The Adani Group called the US allegations baseless and said it would pursue all legal remedies; Gautam Adani engaged US counsel to contest the SEC case. (2024–2026)
Market reaction to developments
Group shares were reported to rally after SEBI's September 2025 orders and after the US criminal case was dismissed. (Sep 2025; May 2026)
Evidence that cuts the other way
Regulators dropped or resolved key matters without findings of fraud
SEBI's September 2025 final orders did not find violations on the loan and related-party allegations it examined; the US criminal case was dismissed; the SEC settlement involved no admission. Adani Group has denied wrongdoing throughout. (2025–2026)
Standard
This file compiles court, regulator and company disclosures and published reporting concerning Adani Group companies, with Adani Enterprises Limited as the listed anchor. Allegations are attributed to the authority or outlet making them. Settlements and dismissals are reported as such: neither is a finding of guilt or of innocence on the underlying allegations, and the group has consistently denied wrongdoing. Individuals are named only as in official filings, with their procedural status. Several figures come from secondary reports and are flagged where sources differ. This is news coverage for information only, not investment advice.
Right of reply
Adani Enterprises Limited and other Adani Group companies, and anyone named in a record cited here, can send corrections or comments to info@fallingshares.com (or directly to the Editor-in-Chief, Wung Thomas, at wungthomas@fallingshares.com). Material responses will be published alongside the relevant entry.