Gautami Adani faces a setback in the alleged bribery and fraud charges in the United States as the resolution discussion between his representatives and US officials stalls, according to a Bloomberg report. The report stated that the Trump administration officials have conveyed to Adani’s lawyers that they will not go ahead with the deal to end the alleged bribery and fraud charges against India’s top businessmen due to the ongoing India-US trade impasse.
According to the Bloomberg report, the US Federal prosecutors may continue to go ahead with the criminal charges in the $250 million bribery case against Adani.
Civil lawsuit against Adani
Gautam Adani is facing another civil lawsuit from the Securities and Exchange Commission (SEC), which was announced last year. As per the report, the US SEC is trying to serve legal papers to Adani, and they are requesting an Indian official to assist in the matter.
Charges and deal negotiations so far
In November last year, the United States prosecutors alleged that Gautam Adani and others, including an American company, were part of a $250 million bribery scheme to get a solar power contract in India.
While Gautam Adani denied the charges, he and other defendants have not appeared in court yet. In the current circumstances, Adani cannot travel to the US due to the risk of being arrested, Bloomberg reported.
Earlier in May, Adani’s representatives met with Trump officials to make a deal for dropping the bribery and fraud charges. The Bloomberg report stated that the latest development is a big setback, as Adani was optimistic about a resolution in the near future.
Bloomberg reported that Gautam Adani, one of the richest and most influential businessmen in India, is becoming collateral damage in the geopolitical tension between India and the United States.
The United States is alsoseen pressuring Mukesh Ambani, Chairman of Reliance Industries, to buy Russian oil at a cheap price. Bloomberg reports that Last month, Nita Mukesh Ambani Cultural Centre postponed a theatrical performance in New York amid the heightened tensions.