US drops fraud charges after billionaire Adani pledges $10bn investment

The US Department of Justice has moved to dismiss criminal fraud charges against Indian billionaire Gautam Adani. The charges, brought under the Trump administration, alleged Adani bribed Indian officials and misled US investors to secure a solar power plant project in India. The DOJ decided not to pursue the case further, citing prosecutorial discretion, after Adani pledged a $10 billion investment in the US. The original accusations stated that Adani and co-conspirators raised over $3 billion by allegedly bribing officials and lying about anti-corruption practices to secure contracts. A judge must still approve the DOJ's request to drop the charges.

US prosecutors have requested a judge dismiss criminal fraud and conspiracy charges against Indian billionaire Gautaum Adani. Adani had been accused of duping investors in a major Indian solar project, with allegations in 2024 that he paid large bribes to ensure its success. The charges included conspiracy, securities fraud, and wire fraud, related to an arrangement for Adani Green Energy and another firm to sell solar power to the Indian government. The Adani Group had previously denied these allegations, deeming them baseless.

Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay $18 million in penalties to settle a civil fraud lawsuit filed by the US Securities and Exchange Commission. The SEC had accused the Adanis of paying bribes for renewable energy projects and misleading US investors about anti-bribery practices during a 2024 bond offering. The proposed settlement, which requires court approval, does not involve an admission or denial of the allegations. The Adani Group, a major Indian conglomerate, saw its shares rise following the news. Separately, reports indicate the US Department of Justice is moving to drop criminal fraud charges against Gautam Adani.

US prosecutors are reportedly dropping fraud charges against Indian billionaire Gautam Adani. Adani's legal team, led by Donald Trump's personal lawyer Robert J. Giuffra Jr., met with the Department of Justice in April. During the meeting, Giuffra reportedly offered a $10 billion investment in the US economy and the creation of 15,000 jobs in exchange for dropping the charges. Adani was indicted in November 2024 on charges of conspiracy to bribe Indian officials and misleading investors. While prosecutors stated the investment offer would not influence the case, reports suggest it received a favorable response from a senior Justice Department official.

US authorities are reportedly moving to resolve fraud cases against Indian billionaire Gautam Adani and his conglomerate. The Justice Department may drop criminal charges as early as this week, while the Securities and Exchange Commission is also seeking to settle a parallel civil fraud case. A resolution could also be reached with the Office of Foreign Assets Control. This potential settlement with multiple US agencies would significantly benefit the Adani Group, allowing it to re-enter international capital markets and continue its expansion plans. While a monetary penalty is possible, the move aims to clear the legal hurdles that have impacted the company for over a year.