Daijiworld Media Network - New York
New York, May 15: The United States Justice Department is reportedly preparing to drop criminal fraud charges against Indian billionaire Gautam Adani following a proposed settlement in a parallel civil case linked to alleged bribery and investor fraud.
According to reports by Reuters and other international media outlets, US prosecutors are expected to withdraw criminal charges filed against Adani and his nephew Sagar Adani after negotiations involving the US Securities and Exchange Commission (SEC).
The case relates to allegations that executives of Adani Group and Adani Green Energy concealed an alleged bribery scheme while raising billions of dollars from American investors. US authorities had alleged that over $250 million in bribes were promised to Indian officials to secure solar power contracts at inflated rates.
Court filings indicate that Gautam Adani has agreed to pay a civil penalty of $6 million, while Sagar Adani would pay $12 million as part of the proposed SEC settlement. The agreement reportedly does not include any admission of guilt.
The Adani Group has consistently denied all allegations and earlier described the accusations as “baseless”.
The criminal charges were originally filed in New York in late 2024 and included allegations of securities fraud, wire fraud and conspiracy linked to overseas bribery.
Reports said the development came after prominent lawyer Robert Giuffra Jr., who has represented US President Donald Trump, presented arguments before the Justice Department claiming there was insufficient evidence and limited US jurisdiction in the case.
International media reports also stated that Adani had proposed a $10 billion investment plan in the United States expected to create nearly 15,000 jobs, though prosecutors reportedly maintained that the investment proposal did not influence the legal decision.
The reported move triggered political reactions in India, with Congress leader Rahul Gandhi alleging that the development raised questions over the Centre’s ties with the billionaire industrialist.
Following the reports, shares of several Adani Group companies rose in Indian markets, with investor sentiment improving on expectations of relief from prolonged legal uncertainty.