DOJ wants to drop fraud charges against billionaire Gautam Adani
The U.S. Department of Justice filed a motion to drop fraud charges against Gautam Adani, chair and founder of Adani Group. File Photo by Divyakant Solanki/EPA
May 19 (UPI) — The U.S. Department of Justice announced it will drop criminal fraud charges against billionaire Indian businessman Gautam Adani.
The Justice Department submitted a motion Monday asking a federal judge to drop the indictment from 2024 brought by the U.S. Attorney’s Office in Brooklyn, N.Y. The request said the department “reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” NBC News reported the court filing said.
Principal Associate Deputy Attorney General Trent McCotter and Brooklyn U.S. Attorney Joseph Nocella signed the filing. Prosecutors assigned to the case were not included.
Separately, the President Donald Trump administration announced it had reached a $275 million settlement with a company founded by Adani over “egregious” apparent violations of U.S. sanctions against Iran, Politico reported.
According to the U.S. Office of Foreign Assets Control, Adani Enterprises Limited bought $191 million worth of shipments of liquefied petroleum gas from a Dubai-based trader. OFAC alleged the company overlooked indications that the gas originated from Iran, Politico said.
Adani is the founder and chair of the Adani Group, a conglomerate based in Ahmedabad, India. Brooklyn prosecutors charged him and others in a fraud and bribery scheme in November 2024, while President Joe Biden was in office.
Adani’s lawyers from Sullivan & Cromwell included two of Trump’s personal attorneys: Robert Giuffra Jr. and James McDonald, Politico reported.
Adani’s worth is estimated at more than $100 billion. He is one of the richest people in Asia, and is an ally of Indian Prime Minister Narendra Modi.
Prosecutors alleged that Adani and his co-defendants paid $250 million in bribes to Indian government officials. The bribes were to help Adani Green Energy, a subsidiary, win approval to create India’s largest solar power plant. It was projected to bring $2 billion in profits over 20 years.
They also alleged the defendants defrauded American and international investors by gaining funds “on the basis of false and misleading statements.”
Adani Group denied the allegations and called them “baseless.”
