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The U.S. Department of Justice has formally asked a federal court to dismiss criminal charges against Gautam Adani, an Indian billionaire accused of misleading U.S. and global investors while raising billions of dollars to finance a major solar energy project in India.<\/p>\n
Adani, considered one of Asia\u2019s richest individuals, allegedly promised to pay more than $250 million in bribes to Indian officials to secure lucrative contracts. He and his executives further raised money from investors by falsely claiming the company maintained strict anti-corruption policies \u2014 all while allegedly continuing the bribery scheme and later attempting to conceal the evidence, prosecutors alleged in 2024.<\/p>\n
Despite the severity of the allegations, the Justice Department has requested the case be dismissed “with prejudice,” indicating that the charges would be permanently dropped and may not be brought again in the future, according to court records filed Monday. Adani Group has denied the allegations, calling them baseless.<\/p>\n
“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.<\/p>\n
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Gautam Adani has a conversation during an all-party prayer meeting on February 23, 2026, in Mumbai, India.\u00a0 (Bhushan Koyande\/Hindustan Times via Getty Images \/ Getty Images)<\/p>\n
The decision to drop the charges follows an announcement from the U.S. Securities and Exchange Commission (SEC) that it moved for entry of final judgments by consent, subject to court approval, in a related lawsuit involving Adani. The proposed resolution would not require Gautam Adani or Sagar Adani to admit or deny the SEC\u2019s allegations.<\/p>\n
Beginning in 2020, Adani Green Energy Limited, led by Gautam Adani, secured a major contract to develop solar power projects in India.<\/p>\n
However, some Indian state governments allegedly declined to purchase the electricity from the project due to high costs.\u00a0<\/p>\n
Gautam Adani, chairman of Adani Group, attends a festival in Prayagraj, Uttar Pradesh, India, on Tuesday, Jan. 21, 2025.\u00a0 (Indranil Aditya\/Bloomberg \/ Getty Images)<\/p>\n
As a result, Gautam Adani and his nephew, Sagar Adani, allegedly resorted to bribery, including promises of more than $250 million in payments to Indian officials, in order to secure power purchase agreements for the expensive solar energy.<\/p>\n
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During the same period, the company required significant capital to finance the projects and raised approximately $750 million through bond sales to U.S. and global investors.\u00a0<\/p>\n
Federal prosecutors alleged that Adani Green and related entities raised more than $3 billion through loans and bond offerings while making false and misleading statements about the company\u2019s anti-bribery and anti-corruption practices.<\/p>\n
Prosecutors added that, to attract investors, the company falsely portrayed itself as an industry leader in corporate governance with a strict “zero tolerance” policy on bribery.<\/p>\n
Indian billionaire Gautam Adani speaks during an interview at his office in the western Indian city of Ahmedabad on April 2, 2014. (Reuters\/Amit Dave\/File Photo\/File Photo \/ Reuters Photos)<\/p>\n
When U.S. authorities, including the FBI and the SEC, began investigating the alleged corruption, several executives were accused by prosecutors of attempting to obstruct the inquiry by deleting emails and electronic messages, concealing information during internal investigations, and making false statements to federal agents.<\/p>\n
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The case dismissal is contingent upon approval by Judge Nicholas Garaufis, according to the documents.\u00a0<\/p>\n
#DOJ #seeks #dismissal #corruption #charges #billionaire #Gautam #Adani<\/p>\n","protected":false},"excerpt":{"rendered":"
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