U.S. Prosecutors Seek to Dismiss Charges Against Indian Billionaire Gautam Adani
NEW YORK — U.S. prosecutors have requested a judge to drop criminal fraud and conspiracy charges against Gautam Adani, an Indian billionaire previously accused of misleading investors in a large solar project in India.
In 2024, Adani faced serious allegations, including bribing officials to ensure the success of his energy projects. He was charged with conspiracy, securities fraud, and wire fraud related to a deal where Adani Green Energy Ltd. aimed to sell 12 gigawatts of solar power to the Indian government, a project intended to provide electricity to millions.
At the time, the Adani Group refuted the claims, calling them unfounded.
Prosecutors stated in a court filing, “The Department of Justice has reviewed this case and has decided not to continue pursuing these criminal charges.” This request still requires approval from Judge Nicholas Garaufis. Adani’s legal team agreed to the motion.
Notably, Adani was never arrested or brought to trial in the U.S. Some observers in India had speculated that the case would be dismissed after former President Donald Trump paused the enforcement of the Foreign Corrupt Practices Act, which prohibits bribery in foreign business dealings.
The decision to drop the charges coincided with the U.S. Securities and Exchange Commission agreeing to settle a related lawsuit against Adani.
Adani, who built his wealth through coal in the 1990s, has expanded the Adani Group into various sectors including renewable energy, defense, and agriculture. The group is recognized for operating one of the world’s largest solar power plants and aims to be a leader in clean energy in India by 2030. Adani has been closely linked with the Indian government and Prime Minister Narendra Modi.
However, he has faced criticism as well. Hindenburg Research, a financial firm, accused Adani and his company of stock manipulation and accounting fraud. The Adani Group dismissed these claims as false and misleading.
While charges were made in 2024, prosecutors alleged that Adani and other individuals misled Wall Street investors and offered substantial bribes to Indian officials to win contracts.
Following the announcement of the case, Kenya’s president canceled major contracts with Adani, and Adani’s company pulled out of wind energy projects in Sri Lanka after the government sought to renegotiate prices. Other international investors also halted new investments in Adani projects.
Analysts believe Adani’s successful rise can be attributed to his alignment with the priorities of the Modi government, though some accuse him of benefiting from crony capitalism.
This story has been updated to correct the spelling of Adani’s first name to Gautam.
