US authorities are trying to resolve fraud charges against billionaire Gautam Adani and end a criminal case that has hung over Asia’s richest man for more than a year, Bloomberg reported, citing people familiar with the matter.
According to an intelligence source, 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 to settle a parallel civil fraud suit filed against Adani and others in November 2024, some of the people told Bloomberg.
A big relief for the Adani Group
Resolving these cases would be a major boost for the Adani Group, whose businesses include coal mining, renewable energy, ports, airports and infrastructure.
News reports said ending the legal overhang could help the conglomerate gain easier access to international capital markets and reinvigorate its aggressive global expansion plans.
People familiar with the matter told the news publication that while the Justice Department may effectively drop the criminal case because the defendants remain outside the U.S., the SEC matter could include a monetary penalty.
Background to 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 related to solar power contracts in India.
Prosecutors alleged that Adani and others promised bribes to Indian government officials to secure solar power contracts and then covered up the alleged scheme while raising funds from American investors.
Adani Group has consistently denied all allegations.
None of the accused, including Gautam Adani and his nephew Sagar Adani, have yet appeared in a US court, effectively stalling the criminal proceedings.
SEC Charges and Legal Challenges
In its parallel civil suit, the SEC alleged that Gautam Adani spearheaded an effort to pay or promise hundreds of millions of dollars in bribes to Indian officials in exchange for contracts related to a major solar power project.
The SEC proceedings began in court earlier this year.
Adani’s legal team sought to have the SEC’s case dismissed, arguing that US regulators lacked jurisdiction over Gautam and Sagar Adani and that the alleged inaccuracies cited by the SEC were not legally actionable.
