Adani set for major relief as US weighs dropping charges
Dubai: US authorities are moving to resolve fraud charges against Indian billionaire Gautam Adani, potentially ending a criminal case that has hung over the Adani Group for more than a year, Bloomberg News reported.
According to people familiar with the matter, the US Justice Department could announce as early as this week that it is dropping criminal charges filed against Adani and other defendants. The US Securities and Exchange Commission (SEC) is also reportedly moving toward a settlement in a parallel civil fraud case launched in November 2024.
The development would mark a major relief for the Adani Group, one of India’s most powerful conglomerates with interests spanning ports, airports, coal, logistics and renewable energy.
Ending the cases could clear the way for the group to return to international capital markets and revive its aggressive global expansion plans, Bloomberg reported.
Financial penalties
While the Justice Department may move to drop the charges because the defendants remain outside the United States, a settlement with the SEC is expected to involve financial penalties, according to the report.
The US Attorney’s Office in Brooklyn declined to comment, while representatives for the SEC and the Adani Group did not immediately respond to requests for comment.
In November 2024, US prosecutors accused Adani and others in a five-count indictment of participating in a $250 million bribery scheme tied to solar power contracts in India.
The Justice Department alleged that Adani and his associates promised bribes to Indian officials to secure energy deals and then concealed the scheme while raising funds from US investors.
The Adani Group has consistently denied the allegations.
None of the defendants, including Gautam Adani and his nephew Sagar Adani, have appeared in a US court, effectively stalling the criminal proceedings.
Meanwhile, the SEC’s parallel fraud case had started advancing in court before the latest push toward settlement.
Earlier this year, Adani’s legal team argued that the SEC lacked jurisdiction over the two men and said the alleged misstatements cited by regulators were not actionable under US law.
Who is Gautam Adani?
Founder and chairman of the Adani Group, one of India’s biggest conglomerates
Built a business empire spanning ports, airports, energy, mining, logistics and infrastructure
Rose from a commodities trader to one of Asia’s richest businessmen
Adani Group operates India’s largest private port network
Expanded aggressively into renewable energy, data centres and airports
Seen as a key player in India’s infrastructure and economic growth story
Frequently ranked among the world’s richest individuals
Came under global scrutiny after fraud allegations and a major short-seller attack in 2023
The group has repeatedly denied allegations of fraud or wrongdoing
Adani remains one of the most influential figures in Indian business
Adani Group: Key business interests
Adani Group has businesses across several sectors:
Ports and logistics
Airports and aviation services
Coal mining and trading
Renewable energy and solar power
Power generation and transmission
Natural gas distribution
Infrastructure and construction
Data centres and digital infrastructure
Cement and building materials
Media and broadcasting
Food and agri businesses
Some of its major companies include:
Adani Ports and Special Economic Zone
Adani Green Energy
Adani Energy Solutions
Adani Enterprises
Adani Power
NDTV
The group operates some of India’s biggest ports and airports and has expanded rapidly into energy and infrastructure projects both in India and abroad.
