Gautam Adani
US authorities likely to drop criminal fraud charges against Gautam Adani: Reports
Washington DC/New Delhi/IBNS: In a relief for Indian billionaire Gautam Adani, the U.S. Justice Department is likely to drop criminal fraud charges against the Adani Group chairman, according to several media reports.
Adani had reportedly promised to invest $10 billion in the American economy.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is also likely to settle a separate civil fraud case filed in November 2024 against Adani and others.
The reported relief comes more than a year after U.S. prosecutors in New York indicted Adani and several others over an alleged bribery scheme linked to solar power contracts in India.
Adani, along with seven others, was accused of paying bribes amounting to Rs 2,029 crore ($265 million) to Indian officials to secure solar power contracts across four states and one union territory.
Among those implicated was Sagar Adani, Gautam Adani’s nephew.
The allegations
The bribes were allegedly paid between 2020 and 2024 to secure solar power contracts with state electricity distribution companies in Andhra Pradesh, Chhattisgarh, Odisha, Tamil Nadu, and Jammu and Kashmir.
Most of the alleged payments were reportedly directed at officials in Andhra Pradesh.
According to the U.S. indictment, Gautam Adani was identified as the founder and chairperson of an “Indian Energy Company,” while Sagar Adani was listed as its executive director.
The company, Adani Green Energy, allegedly collaborated with Solar Energy Corporation of India (SECI) to secure contracts for supplying 12 gigawatts of solar power.
The indictment claimed SECI struggled to find buyers for the solar power, putting the deal at risk. Prosecutors alleged that the Adani Group and Azure Power offered bribes to government officials to persuade state distribution companies to purchase power from SECI.
Two U.S.-linked individuals — Ranjit Gupta and Rupesh Agarwal — were also named in connection with the case.
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