In a major legal relief for Indian billionaire Gautam Adani, the U.S. Department of Justice has moved to drop all criminal fraud and conspiracy charges against him and his nephew, Sagar Adani.
The case, filed in 2024 in a New York federal court, alleged that the Adanis were involved in a $265 million bribery scheme linked to solar power contracts in India and had misled U.S. investors. The Adani Group had strongly denied the allegations from the outset
. According to court filings, U.S. prosecutors decided not to pursue the case further, effectively bringing one of the most high-profile legal battles involving the Adani Group to a close. The decision is still subject to court approval.
In a parallel development, the U.S. Securities and Exchange Commission settled its related civil case against Gautam Adani and Sagar Adani, with both agreeing to pay penalties without admitting or denying wrongdoing.
The move removes a significant legal overhang for the Adani Group and is expected to boost investor sentiment toward its companies.
Comments
Sign in with Google to comment.