NEW DELHI: The US Justice Department is reportedly set to drop criminal fraud and bribery charges against Indian billionaire Gautam Adani linked to an alleged $265 million corruption scheme tied to India's largest solar power project, according to a Bloomberg report cited by India Today.
The criminal case is linked to an alleged $265 million bribery and fraud scheme, the report said. The development could bring relief to the Adani Group chairman more than a year after US prosecutors in New York accused him and other executives of orchestrating a multibillion-dollar corruption network tied to India's largest solar power project. According to people familiar with the matter cited by Bloomberg, the US Justice Department is preparing to withdraw the charges, while the US Securities and Exchange Commission (SEC) is also moving toward settling a parallel civil fraud case filed in November 2024 against Adani and others. The people spoke on condition of anonymity because the discussions remain confidential.
Ending the cases would be a significant boon to the Adani Group, one of India's most powerful
companies, whose interests range from coal mining to renewable energy and airports. It also clears the decks for the conglomerate to return to international capital markets and resume its aggressive expansion strategy.
While the Justice Department could effectively move to drop the charges with the defendants out of the country, a resolution to the SEC would likely involve a monetary penalty, some of the people said.
In November 2024, the US Attorney's Office in Brooklyn alleged in a five-count indictment that Adani and other defendants helped drive a $265 million bribery scheme in India to lock in solar-power contracts. The Adani Group has consistently denied the charges. None of the defendants, including Adani and his nephew Sagar, have appeared in court so far over the charges, and the case has been effectively stalled.
In its case, the Justice Department alleged that Adani and others promised bribes to Indian government officials to win solar energy contracts and concealed the plan as they sought to raise money from US investors.
While the Justice Department prosecution has been stalled with the Adanis not in the US, the SEC case had started to advance in court.
US authorities are moving to resolve the fraud charges against billionaire Gautam Adani, according to people familiar with the matter, and end a criminal case that's hung over Asia's richest person for more than a year. The Justice Department may announce that they're dropping the charges as soon as this week, said the people, who asked not to be identified discussing a confidential matter.with agency inputs