DOJ dropping fraud charges against billionaire Indian businessman Gautam Adani
US prosecutors asked a judge Monday to dismiss criminal fraud and conspiracy charges against Indian billionaire Gautam Adani, who had been accused of duping investors in a massive solar project in India.Adani, one of the world’s richest people, was accused in 2024 of paying massive bribes to ensure the project’s success.He was charged with conspiracy, securities fraud and wire fraud charges in connection with a lucrative arrangement for Adani Green Energy Ltd.
and another firm to sell 12 gigawatts of solar power to the Indian government to light millions of homes and businesses.The Adani Group denied the allegations at the time, calling them baseless.“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.Judge Nicholas Garaufis must still approve the request.Lawyers for Adani and his co-defendants consented to the request, prosecutors said.Adani was never arrested in the case or brought to the US to face trial and some in India long expected the case would be shelved after President Trump last year suspended enforcement of the Foreign Corrupt Practices Act, a US law banning business bribes overseas.The move to drop the charges comes after the Securities and Exchange Commission said it was settling a related lawsuit against Adani.Adani built his fortune in the coal business in the 1990s and, over time, the Adani Group embraced a diverse portfolio, investing in industries like renewable energy, defense and agriculture.The company amassed a clean energy portfolio that included one of the world’s largest solar power plants, and had set a goal of becoming the country’s biggest player in the space by 2030.
Adani had close ties with India’s government and Prime Minister Narendra Modi.But the company also had its critics.Short-seller Hindenburg Research, a US-based financial researc...