The US Department of Justice could announce as early as this week that it is dropping the charges.
US authorities are moving to resolve fraud charges against billionaire Gautam Adani and end a criminal case that has hung over Asia’s richest person for more than a year, Bloomberg reported, citing people familiar with the matter.
According to the news outlet, the US Department of Justice could announce as early as this week that it is dropping the charges. The US Securities and Exchange Commission (SEC) is also moving toward settling a parallel civil fraud case filed against Adani and others in November 2024, some of the people told Bloomberg.
Major relief for Adani Group
A resolution of the cases would mark a major boost for the Adani Group, whose businesses span coal mining, renewable energy, ports, airports and infrastructure.
The news outlet reported that ending the legal overhang could help the conglomerate regain easier access to international capital markets and revive its aggressive global expansion plans.
People familiar with the matter told the news publication that while the Justice Department may effectively move to drop the criminal case because the defendants remain outside the US, the SEC matter could involve a monetary penalty.
Background of the US indictment
In November 2024, the US Attorney’s Office in Brooklyn filed a five-count indictment alleging that Gautam Adani and other defendants were involved in a $250 million bribery scheme linked to solar-power contracts in India.
Prosecutors alleged that Adani and others promised bribes to Indian government officials to secure solar energy contracts and then concealed the alleged scheme while raising funds from US investors.
The Adani Group has consistently denied all allegations.
None of the accused, including Gautam Adani and his nephew Sagar Adani, have appeared before a US court so far, effectively stalling the criminal proceedings.
SEC allegations and legal challenge
The SEC, in its parallel civil suit, alleged that Gautam Adani spearheaded efforts to pay or promise hundreds of millions of dollars in bribes to Indian officials in exchange for contracts tied to a major solar power project.
The SEC proceedings had started advancing in court earlier this year.
Adani’s legal team had sought dismissal of the SEC case, arguing that US regulators lacked jurisdiction over Gautam and Sagar Adani and that the alleged misstatements cited by the SEC were not legally actionable.
