Gautam Adani denies any deal involved in dismissing the US criminal case in an affidavit

Adani Group Chairman Gautam Adani denied under oath that there was any promise, deal or agreement behind the US Department of Justice’s move to dismiss criminal charges against him, saying in an affidavit that he was not aware of any exchange of information related to the decision.

The affidavit was filed in response to a July 8 order from the US District Court for the Eastern District of New York asking Mr. Adani to state under oath whether he was aware of any promise, offer or agreement related to the dismissal of the indictment.

Mr Adani said he was not aware of anyone “promising, offering, seeking, accepting, agreeing or accepting” in connection with the release and denied knowing of any deal involving the exchange of anything of value for dropping criminal charges.

The Justice Department moved to dismiss charges filed in 2024 under the Biden administration, accusing Mr. Adani and seven others of participating in a scheme to pay about $250 million in bribes to Indian officials to secure electricity supply contracts and deceive investors in raising capital in U.S. markets.

Mr. Adani denied the allegations.

In response to speculation about Adani Group’s proposed US investment plans, Adani said the group’s intention to invest $10 billion in the United States was publicly announced on November 13, 2024, before the indictment was unsealed.

According to the affidavit, Mr. Adani’s counsel, Sullivan & Cromwell LLP, met with officials from the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) and submitted a white paper, expert reports and other materials.

The lawyer also said the proposed investment could form part of the resolution if US authorities decide to consider it.

The Justice Department later informed the lawyer that the proposed investment would not be taken into account when deciding whether to seek a release, and Mr. Adani said the investment plan played no role in the Department’s decision.

The affidavit follows a July 4 Justice Department filing in which prosecutors dismissed reports linking the case’s dismissal to U.S. investment commitments, calling those claims false.

Also Read: Gautam Adani agrees to $18 million fine in US bribery case

The ministry said the prosecution faced legal and evidentiary challenges, including that the alleged conduct was largely concentrated in India, involved no identified investor losses and was already the subject of an investigation in India.

The Justice Department also told the court that the indictment was apparently unsealed during the final days of Joe Biden’s administration as a “name and shame” action, leaving the matter to the incoming administration of Donald Trump.

The indictment, announced in November 2024, triggered a sharp sell-off in Adani Group shares, wiping out nearly Rs 2.85 lakh crore in market capitalization in four trading sessions and affecting millions of shareholders.

The Justice Department has since sought to halt the criminal proceedings with prejudice, which would have brought the case to a final conclusion.

The affidavit was filed in response to an order by U.S. District Judge Nicholas Garaufis seeking to clarify whether Adani was aware of any promise, offer, agreement or benefit associated with the Justice Department’s decision to seek the dismissal of criminal charges against him.

Judge Garaufis ordered Mr. Adani to submit an affidavit by July 15 before ruling on the Justice Department’s motion to dismiss the indictment with prejudice. The judge asked Mr. Adani to reveal whether there was any exchange, arrangement or understanding related to the government’s move to drop the charges.

The order followed a filing by Chief Deputy Attorney General R. Trent McCotter, who said he was the “final and sole decision maker” behind the Justice Department’s move to dismiss the case and rejected media reports that the decision was related to Adani Group’s plans to invest about $10 billion in the United States.

“Current or former attorneys for the Department … have suggested that I sought to have the securities charges dismissed, at least in part, because of some promise by these defendants to invest money in the United States. That is false,” Mr. McCotter wrote.

“I would push for the abolition of securities fees regardless of any mention of investment,” he added.

“The mention of potential investments could play no part.” Mr. McCotter said he sought the dismissal because the securities fraud case was legally “indefensible,” arguing that most of the alleged conduct took place in India, Indian authorities found no actionable wrongdoing, investors suffered no losses, key evidence and witnesses were outside the United States, and the defendants were unlikely to appear in a U.S. court.

He also said that charges under the Foreign Corrupt Practices Act are no longer consistent with the Trump administration’s priorities of targeting cases involving US national security, US companies or transnational criminal organizations.

But Judge Garaufis said Mr McCotter’s submission raised the possibility “for the first time” that there may have been some form of agreement involving one or more of the defendants in connection with the release, even though no such agreement had been disclosed to the court.

The judge said Mr. Adani’s lawyers had previously explained why the defendants agreed to the government’s motion to dismiss, but did not mention any agreement, including one involving a commitment to invest in the United States.

Before granting the government’s Article 48(a) request, Judge Garaufis said the court must satisfy itself that the Justice Department’s reasons for requesting the release are genuine and that no undisclosed agreement influenced its decision.

Published – 15 Jul 2026 22:08 IST