U.S. prosecutors drop fraud charges against billionaire Indian businessman

The Department of Justice said Monday that it would drop its criminal fraud charges against billionaire Indian businessman Gautam Adani, marking a significant reversal in a high-profile case.

The Trump administration asked a federal judge to permanently throw out the indictment brought in 2024 by the U.S. Attorney’s Office in Brooklyn, saying it had “reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” according to the court filing.

The request was signed by Trent McCotter, principal associate deputy attorney general, as well as Brooklyn U.S. Attorney Joseph Nocella. It did not include signatures from line prosecutors assigned to the case.

Adani, 63, founder and chairman of the Indian conglomerate Adani Group, was among multiple people Brooklyn prosecutors charged in November 2024 over a massive fraud and bribery scheme. He is estimated to be worth more than $100 billion and has gone back and forth with fellow business magnate Mukesh Ambani as the richest person in India as well as Asia.

The government alleged that Adani and several co-defendants paid $250 million in bribes to Indian government officials so that Adani Green Energy, a subsidiary of Adani Group, would win approval to develop India’s largest solar power plant. The contracts were projected to generate $2 billion in profits over a 20-year period.

Prosecutors also claimed the defendants had swindled U.S. and international investors by obtaining funds “on the basis of false and misleading statements.”

Adani Group, which is based in the Indian city of Ahmedabad, denied the allegations in 2024, calling them “baseless.” There was no immediate comment from the company on Tuesday.

Adani, who has close ties to Indian Prime Minister Narendra Modi, was never arrested in connection with the charges or brought to the United States to face trial. There had been speculation that the case might be abandoned after President Donald Trump last year suspended enforcement of the Foreign Corrupt Practices Act, a U.S. law that prohibits bribery of foreign officials.

The Trump administration’s decision to retract the criminal charges against Adani comes after the Securities and Exchange Commission said Thursday that Adani, along with his nephew, had agreed to pay $18 million to settle a parallel civil fraud case.

“Without admitting or denying the allegations in the complaint, Gautam Adani and Sagar Adani each consented to the entry of final judgments, subject to court approval,” the commission said in its release.

The Treasury Department also said Monday that it had reached a $275 million settlement with a company founded by Adani, Adani Enterprises Limited, for “egregious” violations of U.S. sanctions against Iran.

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