US justice dept, SEC likely to drop cases against Adani: Reports

WASHINGTON: US authorities are likely to drop fraud charges against billionaire industrialist Gautam Adani and settle a parallel civil case, according to reports by Bloomberg and New York Times.

People familiar with the matter were cited as saying the US department of justice may announce as early as this week that it is dropping criminal charges filed in 2024 against Adani and associates over an alleged $250 million bribery scheme tied to solar energy contracts in India. The US Securities and Exchange Commission (SEC) is, meanwhile, reportedly moving to settle its parallel civil fraud action, likely involving monetary penalties rather than criminal prosecution.

Adani Group has denied all allegations, saying none of its entities or executives has been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy — the renewable energy arm that raised the funds — is not a party to the proceedings.

Adanis also threw in a sweetener: Report
The US criminal case filed by prosecutors in Brooklyn in Nov 2024 alleged that Adani and others orchestrated a scheme to bribe Indian officials to secure lucrative solar-power contracts while misleading US investors during fundraising exercises. The SEC separately accused Adani of spearheading efforts to pay or promise hundreds of millions of dollars in bribes connected to what prosecutors described as India’s largest solar power project.
The counsel for Gautam Adani and his nephew Sagar Adani stated in court that there was no credible evidence supporting the alleged bribery scheme.

Last month, a US judge granted a request from Gautam Adani to schedule a hearing to dismiss the US SEC case of alleged fraud.

The Adanis argued that the SEC lacked personal jurisdiction, saying neither of them had sufficient contacts with the US or direct involvement in the bond offering. The plea filed by the lawyers added that the complaint does not allege that Gautam Adani approved the issuance, attended key meetings, or directed any activity at US investors.

Representatives of the Adani camp are also reported to have met Trump administration officials earlier this year seeking dismissal of the charges, arguing that the prosecution did not align with President Trump’s priorities. According to NYT, the Adanis also threw in a sweetener: If prosecutors dropped the charges, the group would be willing to invest $10 billion in the American economy and create 15,000 jobs, echoing a pledge he had made in the wake of Trump’s election.

Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.