US authorities are moving toward resolving fraud charges against billionaire Gautam Adani, Bloomberg and New York Times reported citing sources. The US Department of Justice (DOJ) could announce as early as this week that it is dropping the charges against Adani and other defendants. At the same time, the US Securities and Exchange Commission (SEC) is also working toward settling a parallel civil fraud case filed in November 2024, Bloomberg reported.
Financialexpress.com could not verify the news independently. However, we have reached out to Adani Group seeking clarification and details. The article will be updated as soon as we hear from the company or it issues an official statement on the matter.
The development marks a major turn in a case that accused the chairman of the Adani Group and senior executives of involvement in a $250 million bribery scheme tied to solar-power contracts in India.
According to the New York Times’ report, the reversal came after Adani hired a new legal team led by Robert J Giuffra Jr. He is one of US President Donald Trump’s personal lawyers. Giuffra reportedly met Justice Department officials last month at the department’s headquarters in Washington and presented his argument that prosecutors lacked sufficient evidence and jurisdiction to pursue the case.
What were the charges?
The DOJ’s indictment, filed by the US Attorney’s Office in Brooklyn in November 2024, alleged that Adani and other defendants promised bribes to government officials in India in exchange for securing solar energy contracts. Prosecutors also claimed the alleged scheme was concealed while the group sought funding from US investors.
The SEC, in its separate civil complaint, alleged that Gautam Adani spearheaded efforts to pay or promise hundreds of millions of dollars in bribes to Indian officials to secure contracts linked to what was described as India’s largest solar power project.
The Adani Group has consistently denied all allegations.
A potential resolution of the US cases could remove a major overhang for the Adani Group, which has faced heightened scrutiny from global investors since the allegations surfaced.