The U.S. Justice Department is reportedly close to dropping criminal fraud charges against Indian billionaire Gautam Adani, according to multiple sources familiar with the matter.
Key Takeaways
The U.S. Justice Department is reportedly close to dropping criminal fraud charges against Indian billionaire Gautam Adani. A related civil lawsuit with the SEC has been resolved, with Adani agreeing to pay $18 million in penalties without admitting wrongdoing.
- US Justice Department nears dismissal of criminal fraud case against Adani
- SEC settlement requires $18 million payment by Adani and his nephew
- Charges stem from alleged bribery scheme involving India's largest solar plant
- Adani denies allegations, calling them baseless
- Case reflects broader trend of Trump administration dropping Biden-era cases
Adani also resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval. The settlement requires Adani and his nephew Sagar Adani to pay $18 million in penalties without admitting or denying wrongdoing.
The potential dismissal of criminal charges comes after a presentation by Robert Giuffra Jr., Adani's lawyer and personal attorney for U.S. President Donald Trump, who argued that the case lacked jurisdiction and evidence. The Justice Department did not immediately respond to requests for comment.
Adani was initially charged in November 2024 over an alleged scheme involving $250 million in bribes to Indian government officials to secure approval for developing India's largest solar power plant. Prosecutors claimed that Adani and his co-conspirators raised over $3 billion in loans and bonds by concealing corruption from lenders and investors.
The Adani Group has consistently denied the allegations, calling them baseless. The case is seen as part of a broader pattern where Trump's Justice Department seeks to abandon high-profile criminal cases initiated during Joe Biden's presidency.
How this summary was created
This summary synthesizes reporting from 3 independent publishers using AI. All sources are cited and linked below. NewsBalance is a news aggregator and media literacy tool, not a news publisher. AI-generated content may contain errors or inaccuracies — always verify important information with the original sources.