Report: US May Drop Fraud Charges Against Gautam Adani

A Bloomberg report indicates that the US Department of Justice is preparing to withdraw criminal fraud and bribery charges against Indian billionaire Gautam Adani. The potential dismissal concerns an alleged $265 million bribery scheme linked to India's largest solar energy project. Additionally, the US Securities and Exchange Commission is reportedly moving toward settling a parallel civil fraud case filed in November 2024. Prosecutors had previously accused Adani, his nephew Sagar Adani, and other executives of concealing corruption from investors while raising over $3 billion through loans and bonds. The indictment alleged that bribes were paid to Indian officials to secure contracts expected to generate nearly $2 billion in profits. Key defendants included former Adani Green Energy CEO Vineet Jain and executives from Azure Power Global. If the charges are dropped, it would provide significant relief to the Adani Group chairman, who has faced legal scrutiny in the US for over a year. None of the defendants were in US custody at the time of the initial indictment, with arrest warrants issued for Gautam and Sagar Adani.