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U.S. drops fraud charges against Indian billionaire Gautam Adani - Los ...
NEW YORK — U.S. prosecutors asked a judge Monday to dismiss criminal fraud and conspiracy charges against Indian billionaire Gautam Adani, who had been accused of duping investors in a massive solar project in India.Adani, one of the world’s richest people, was accused in 2024 of paying massive bribes to ensure the project’s success. He was charged with conspiracy, securities fraud and wire fraud charges in connection with a lucrative arrangement for Adani Green Energy Ltd. and another firm to sell 12 gigawatts of solar power to the Indian government to light millions of homes and businesses.The Adani Group denied the allegations at the time, calling them baseless.“The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” prosecutors wrote in a court filing.Judge Nicholas Garaufis must still approve the request.Lawyers for Adani and his co-defendants consented to the request, prosecutors said. Adani’s lawyer, Robert Giuffra, declined to comment.Adani was never arrested in the case or brought to the U.S. to face trial and some in India long expected the case would be shelved after President Trump last year suspended enforcement of the Foreign Corrupt Practices Act, a U.S. law banning business bribes overseas. The move to drop the charges comes after the U.S. Securities and Exchange Commission said it was settling a related lawsuit against Adani.Adani built his fortune in the coal business in the 1990s and, over time, the Adani Group embraced a diverse portfolio, investing in industries such as renewable energy, defense and agriculture.The company amassed a clean-energy portfolio that included one of the world’s largest solar power plants, and had set a goal of becoming the country’s biggest player in the space by 2030. Adani had close ties with India’s government and Prime Minister Narendra Modi.But the company also had its critics.Short-seller Hindenburg Research, a U.S.-based financial research firm, has accused Adani and his company of “brazen stock manipulation” and “accounting fraud.” The Adani Group labeled the claims “a malicious combination of selective misinformation and stale, baseless and discredited allegations.”When they charged Adani in 2024, U.S. prosecutors in New York said he and others played two sides of the solar deal, enticing Wall Street investors with a rosy portrayal to pour several billion dollars into t...
US drops fraud charges against Indian tycoon Adani
US drops fraud charges against Indian tycoon Adani22 hours agoCherylann MollanGetty ImagesGautam Adani, the chairman of Adani Group, is one of the world's richest menThe US Department of Justice has dropped criminal fraud charges against Indian billionaire Gautam Adani and some officials of his firm, days after he agreed to settle a separate civil case.Adani Enterprises, his group's flagship firm, also agreed to pay $275m (£205m) to the US Treasury to settle a separate investigation into alleged violations of sanctions on Iran.Sources told the BBC that the Adani Group has now resolved all three legal cases against it in the US. This will pave the way for Adani to travel to the US without risk of legal proceedings.Media reports say the dropped charges reflect a broader move away from prosecuting foreign bribery cases under Donald Trump's administration.Adani, 63, is one of the world's richest people, worth $82bn according to Forbes. His Adani Group is one of India's largest business conglomerates with interests in sectors including energy, ports and airports.The cases against him had generated a lot of attention in the US and India. In 2024, the US justice department registered criminal fraud charges against Adani and various officials from his company for allegedly paying bribes to Indian officials for high-profile renewable energy projects and misleading US investors about it. He and his company strongly denied the allegations.Adani Green Energy said in a filing to regulators on Monday that the US justice department had "filed a motion seeking dismissal with prejudice of the charges" against Adani, his nephew Sagar and other group officials. The BBC has seen a copy of an order issued by the US District Court in the Eastern District of New York ordering the case to be dismissed.The move to drop the charges reportedly came after Adani hired a new team of lawyers led by Robert J Giuffra Jr, head of one of the most powerful law firms in the US and one of President Trump's personal legal advisers.Giuffra reportedly met last month with justice department officials to lay out concerns about the case.The New York Times reported, citing sources, that the lawyers said Adani would invest $10bn in the US and create 15,000 jobs if prosecutors dropped the charges against him, repeating a pledge the billionaire made to Trump shortly after he won the 2024 presidential election.The BBC has sought a response from the US Department of Justice and the Adani Group.Last week, ...
Gautam Adani: U.S. prosecutors drop fraud charges against billionaire ...
The Justice Department said it would drop its criminal fraud charges against billionaire Indian businessman Gautam Adani, a significant reversal in a high-profile case.
U.S. prosecutors drop fraud charges against billionaire Indian ...
NEW YORK (AP) — U.S. prosecutors asked a judge Monday to dismiss criminal fraud and conspiracy charges against Indian billionaire Gautam Adani, who had been accused of duping Wall Street ...
