U.S. Justice Department Nears Dismissal of Fraud Case Against Gautam Adani

The United States Department of Justice is reportedly close to withdrawing a criminal fraud case against Indian billionaire Gautam Adani, according to two sources familiar with the matter. Adani has pledged to invest $10 billion in the U.S. economy.

According to a report by Reuters, Adani also reached a settlement on Thursday in a related civil fraud case filed by the U.S. Securities and Exchange Commission over allegations of bribing Indian government officials. However, the settlement will still require court approval before taking effect.

Another major factor behind the possible withdrawal of the criminal charges is believed to be Adani’s proposed U.S. investment plan. One source said Adani’s lawyer, Robert Giuffra — who also serves as personal counsel to U.S. President Donald Trump — argued in a presentation to Justice Department officials last month that the ongoing case would make it impossible for Adani to move forward with the $10 billion investment.

Following Trump’s victory in the 2024 U.S. presidential election, Adani publicly pledged to invest $10 billion in the United States and create around 15,000 jobs.

According to sources, Giuffra’s 100-page presentation largely focused on arguments that the criminal case lacked proper legal jurisdiction and sufficient evidence. Similar arguments were also presented in court filings related to the SEC civil case last month.

One source noted that several prosecutors reportedly stated clearly that the proposed $10 billion investment should not influence the legal proceedings. However, it remains unclear whether all officials shared that view. The Justice Department has not immediately responded to requests for comment.

Earlier, Bloomberg reported that the Justice Department was nearing a decision to dismiss the case.

Federal prosecutors in Brooklyn filed charges against Adani in November 2024, alleging that he agreed to pay nearly $265 million in bribes to Indian government officials in order to secure approvals for one of India’s largest solar power projects.

Prosecutors also claimed that Adani and his associates concealed details of the alleged corruption from lenders and investors while raising more than $3 billion through loans and bond offerings.

Adani Group has denied all allegations, calling them “baseless.”

Court records also show that the SEC’s related civil fraud case was settled on Thursday. Adani’s nephew, Sagar Adani, was also named in the lawsuit.

According to the settlement documents, Gautam Adani and his nephew agreed to pay $18 million in civil penalties, though neither admitted nor denied wrongdoing.

In a statement, Adani Green Energy said that Adani, his nephew and the SEC had jointly submitted a request for final judgment to a New York court, and the parties are now awaiting the court’s decision.

Last month, lawyers representing the Adanis argued that the SEC lacked credible evidence to support the bribery allegations. They also claimed that the Adanis were not directly involved in the bond issuance process and that there was no evidence of fraudulent intent or negligence, arguing that the case should therefore be dismissed.

According to Forbes, the 63-year-old Gautam Adani currently has a net worth of approximately $82 billion, making him one of the world’s richest individuals.