Dhaka, May 16 -- Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a combined $18 million in penalties to settle a civil fraud lawsuit brought by the US Securities and Exchange Commission (SEC), the BBC reports.

The SEC had accused the Adanis in 2024 of paying bribes to Indian officials to secure high-profile renewable energy contracts and misleading US investors about the group's anti-bribery practices while raising funds through a bond offering.

The Adani Group has called the allegations "baseless".

The proposed settlement, subject to court approval, carries no admission or denial of the allegations, the UK broadcaster said.

It also bars the Adanis from future violations of key US anti-fraud laws covering...