Gautam Adani denies any deal linked to dismissal of U.S. criminal case in sworn affidavit

Addressing speculation over Adani Group's proposed U.S. investment plans, the businessman said the group's intention to invest $10 billion had been publicly announced on November 13, 2024, before the indictment was unsealed

Published - July 15, 2026 10:08 pm IST - New Delhi

PTI

Adani Group Chairman Gautam Adani has denied under oath that there was any promise, agreement, or deal behind the U.S. Department of Justice's (DoJ) move to dismiss a criminal indictment against him. In a sworn affidavit, he stated that he was unaware of any exchange connected to the decision.

The affidavit was filed in response to a July 8 order by the U.S. District Court for the Eastern District of New York, which asked Mr. Adani to state under oath whether he was aware of any promise, offer, or agreement related to the dismissal of the indictment.

Mr. Adani said he was not aware of "anything promised, offered, sought, received, agreed to, or accepted" by anyone in connection with the dismissal, and denied knowledge of any agreement involving an exchange of anything of value for dropping the criminal charges.

Background of the Case

The Justice Department had moved to dismiss charges filed in 2024 under the Biden administration, accusing Mr. Adani and seven others of participating in a scheme to pay about $250 million in bribes to Indian officials to secure power supply contracts and misleading investors while raising capital in U.S. markets. Mr. Adani has denied the allegations.

Investment Plans and Legal Proceedings

Addressing speculation over Adani Group's proposed U.S. investment plans, Mr. Adani stated that the group's intention to invest $10 billion in the United States had been publicly announced on November 13, 2024 — before the indictment was unsealed.

According to the affidavit, Mr. Adani's legal counsel, Sullivan & Cromwell LLP, held meetings with officials from the DoJ and the Securities and Exchange Commission (SEC), and submitted a white paper, expert reports, and other materials. The counsel also indicated that the proposed investment could potentially form part of a resolution if U.S. authorities chose to consider it.

However, the DoJ later informed counsel that the proposed investment would not be considered in deciding whether to seek dismissal. Mr. Adani said the investment plan played no role in the department's decision.

DoJ's Position

The affidavit follows a July 4 filing by the DoJ in which prosecutors rejected reports linking the dismissal of the case to investment commitments in the U.S., calling such claims false.

The department said the prosecution faced legal and evidentiary challenges, including that:

• The alleged conduct was largely centred in India
• There were no identified investor losses
• The matter was already subject to investigations in India

The DoJ also told the court that the indictment appeared to have been unsealed during the final days of the Joe Biden administration as a "name-and-shame" action, leaving the matter for the succeeding Donald Trump administration.

Market Impact

The indictment, announced in November 2024, triggered a sharp sell-off in Adani Group stocks, wiping out nearly ₹2.85 lakh crore in market capitalisation over four trading sessions and affecting millions of shareholders.

The Department of Justice has since sought dismissal of the criminal proceedings with prejudice, which would permanently close the case.

Also read: Gautam Adani agrees to $18 million penalty in U.S. bribery case