U.S. authorities are reportedly moving toward dropping criminal fraud charges against Indian billionaire Gautam Adani, following progress in a related civil case and ongoing discussions about his planned investments in the U.S., Reuters reported.
The U.S. Department of Justice (DOJ) had accused Adani of involvement in a bribery scheme to secure approvals for a major solar power project in India. Prosecutors said about $265 million in bribes were offered to Indian officials and that the Adani Group raised more than $3 billion from investors without disclosing the alleged misconduct. The company has consistently denied the allegations.
The potential shift comes after Adani resolved a parallel civil fraud case brought by the U.S. Securities and Exchange Commission. The settlement, which still requires court approval, includes $18 million in penalties to be paid by Adani and his nephew, Sagar Adani, without any admission of wrongdoing. Their legal team has argued that the case lacked jurisdiction and credible evidence.
In 2024, following Donald Trump’s election victory, Adani pledged to invest $10 billion in the United States. During the legal proceedings, his lawyers reportedly told DOJ officials that the ongoing criminal case could hinder those plans.
Meanwhile, Indian authorities are expected to continue their investigations even if the U.S. criminal case is dropped. The Securities and Exchange Board of India (SEBI) is still reviewing multiple allegations related to securities violations involving Adani Group entities and offshore funds. Some earlier claims, however, including allegations of stock manipulation and insider trading raised by Hindenburg Research, have been dismissed.
