The US Justice Department is close to dropping criminal fraud charges against Indian billionaire Gautam Adani after representations were made that the case was impeding a promised USD 10 billion investment in the American economy, according to media reports.
Bloomberg News first reported that the department was nearing a decision to dismiss the case.
Adani’s lawyer, Robert Giuffra, who is also a personal attorney to US President Donald Trump, told Justice Department officials in a presentation last month that Adani would be unable to proceed with the pledged investment while the criminal case remained active, one source familiar with the matter said on condition of anonymity.
Adani had publicly promised to invest USD 10 billion in the United States and create 15,000 jobs following Trump’s victory in the 2024 election.
Giuffra’s 100-page presentation focused largely on arguing that the case lacked proper jurisdiction and sufficient evidence, the source said. He made similar arguments in court filings last month in a parallel civil case brought by the US Securities and Exchange Commission.
Some prosecutors made clear during discussions that the promised investment should not influence prosecutorial decisions, the source added, though it was unclear whether all officials shared that view.
The possible dismissal would mark the latest example of Trump’s Justice Department moving to abandon a high-profile criminal case initiated under his Democratic predecessor, Joe Biden.
In November 2024, after Trump had won the election, federal prosecutors in Brooklyn charged Adani in connection with an alleged scheme involving approximately USD 265 million in bribes to Indian government officials. Prosecutors alleged the payments were made to secure approval for what was described as India’s largest solar power plant.
According to prosecutors, Adani and alleged co-conspirators subsequently raised more than USD 3 billion through loans and bonds without disclosing the alleged corruption to lenders and investors.
The Adani Group has described the allegations as “baseless”.
Even if the criminal case is dismissed, Adani could still face financial penalties through parallel regulatory actions, the sources said.
Adani and his nephew are expected to share the cost of an approximately USD 15 million resolution with the US Securities and Exchange Commission, without admitting or denying wrongdoing, one of the sources said.
Separately, the Adani Group is expected to pay a USD 275 million settlement to the US Treasury’s Office of Foreign Assets Control over a different investigation involving shipping Iranian gas.
The reported discussions underscore the intersection of legal proceedings, corporate pledges and political change following the 2024 US election, as federal authorities reassess cases initiated under the previous administration. |
