US moves to end fraud cases against Asia’s richest person, Gautam Adani

US authorities are moving to resolve the fraud charges against Indian billionaire Gautam Adani, according to people familiar with the matter, and end a criminal case that has hung over Asia’s richest person for more than a year.The Justice Department may announce that they are dropping the charges as soon as this week, said the people, who asked not to be identified discussing a confidential matter. The Securities and Exchange Commission is also moving to settle a parallel civil fraud case it brought against Adani and others in November 2024, some of the people said.US authorities may also announce a resolution to a separate Office of Foreign Assets Control probe involving the company, some of the people said.A broad settlement with multiple US agencies would be a significant boon to the Adani Group, one of India’s most powerful companies, whose interests range from coal mining to renewable energy and airports.Although a deal could involve the payment of financial or other penalties, it also could clear the decks for the conglomerate to return to international capital markets and resume its aggressive expansion strategy.The logo of the Adani Group is seen on a building on the outskirts of Ahmedabad, India, in November 2024. Photo: ReutersWhile the Justice Department could effectively move to drop the charges with the defendants out of the country, a resolution to the SEC would likely involve a monetary penalty, some of the people said.