US Moving To Drop Charges Of Fraud, Bribery Against Gautam Adani

WASHINGTON, DC -US authorities are moving to resolve fraud allegations against Adani Group Chairman Gautam Adani and may soon bring the long-running case to a close, according to sources familiar with the matter.

The US Department of Justice is expected to announce the possible dropping of charges as early as this week. At the same time, the US Securities and Exchange Commission (SEC) is moving toward settling a parallel civil fraud case filed against the billionaire industrialist and others in November 2024, sources said.

While the Justice Department could move to drop the criminal charges with the defendants remaining outside the United States, any settlement with the SEC would likely involve a monetary penalty.

The SEC case, along with a criminal complaint filed by the DoJ, alleged that the Adanis sought to pay more than $250 million in bribes to Indian officials to secure solar energy contracts and concealed the alleged scheme from US investors and banks while raising funds.

The Adani Group has denied all allegations, stating that none of its entities or executives has been charged under the US Foreign Corrupt Practices Act. The conglomerate also said that Adani Green Energy, the Group’s renewable energy arm that raised the funds, is not a party to the proceedings.

The filing also argued that the SEC’s claims related to a 2021 bond sale by Adani Green Energy were legally flawed because the securities were issued outside the United States and the alleged misconduct occurred entirely in India. (IANS)