Federal prosecutors are reportedly preparing to abandon criminal fraud charges against Gautam Adani, an Indian billionaire who has committed to a $10 billion investment in American economic projects, according to two individuals with knowledge of the situation.
On Thursday, Adani also settled a corresponding civil fraud case filed by the Securities and Exchange Commission concerning an alleged bribery operation targeting Indian government officials, pending judicial approval.
The potential abandonment of criminal charges follows a presentation by Adani’s attorney, Robert Giuffra, who also represents U.S. President Donald Trump personally. Giuffra informed Justice Department officials last month that Adani could not proceed with the investment while facing prosecution, according to one source.
Following Trump’s 2024 electoral victory, Adani had publicly committed to investing that sum and generating 15,000 American jobs.
According to the source, who requested anonymity, Giuffra devoted most of his 100-page presentation to challenging the case’s strength, arguing jurisdictional problems and insufficient evidence. Giuffra presented similar arguments in court documents for the related SEC case last month.
One source indicated that some prosecutors emphasized the $10 billion investment would not influence their case, though it remains uncertain whether others held different views.
The Justice Department has not yet responded to requests for comment.
Bloomberg News initially reported the Justice Department’s consideration of dismissing Adani’s case.
This represents another instance of Trump’s Justice Department moving to drop a prominent criminal case initiated by federal prosecutors under his Democratic predecessor, Joe Biden.
In November 2024, federal prosecutors in Brooklyn filed charges against Adani regarding an alleged conspiracy where he reportedly agreed to provide approximately $265 million in bribes to Indian government officials to secure approval for developing India’s largest solar energy facility.
Prosecutors alleged that Adani and his suspected accomplices obtained more than $3 billion through loans and bonds while concealing their corruption from financial institutions and investors.
The Adani Group has characterized the allegations as “baseless.”
Adani also confronted a related SEC civil fraud case, which the securities agency settled Thursday pending court approval, according to court documents. Sagar Adani, Gautam Adani’s nephew, also faced SEC civil allegations.
Both Adani and his nephew agreed to pay $18 million in civil penalties without admitting or denying wrongdoing, court records indicate.
Adani Green Energy stated that both individuals and the SEC had submitted documents to a New York court requesting entry of a final judgment, which awaits approval.
Last month, the Adanis’ legal team argued their clients disputed any credible evidence supporting the SEC’s alleged bribery conspiracy.
They contended that the Adanis’ non-involvement in the offering and the lack of fraudulent intent or negligence warranted dismissal.
They also described the SEC allegations as “impermissibly extraterritorial,” noting that the Adanis and all purported misconduct occurred in India, while the bonds never traded on American exchanges.
The 63-year-old Adani possesses a net worth of $82 billion according to Forbes magazine, ranking him among the world’s wealthiest individuals.
