The U.S. Department of Justice (DOJ) is set to drop criminal bribery charges against Indian billionaire Gautam Adani, according to reports. The move follows a settlement with the Securities and Exchange Commission (SEC), which accused Adani and his nephew, Sagar Adani, of fraud in a solar energy project. The SEC settlement, filed May 14 in federal court, requires Adani to pay a $6 million civil penalty, while Sagar Adani will pay $12 million. The settlement does not include an admission of wrongdoing.
Background and Allegations
The DOJ initially accused Adani in November 2024 of agreeing to pay $250 million in bribes to Indian officials for lucrative solar energy contracts. The SEC alleged that Adani and his nephew misled investors by concealing the bribery scheme while securing billions in funding. The Adani Group denied the allegations, calling them baseless.
Legal Developments and Settlement
The DOJ’s decision to drop charges came after Adani hired Robert Giuffra, a lawyer linked to former President Donald Trump, to lead his defense. According to The New York Times, Giuffra presented a proposal to prosecutors in April, suggesting Adani would invest $10 billion in the U.S. economy and create 15,000 jobs if the charges were dismissed. The DOJ has not confirmed the details of the settlement.
Political and Economic Context
Adani, a close ally of Indian Prime Minister Narendra Modi, has faced scrutiny over corporate fraud allegations and a stock crash in recent years. The case has drawn attention to U.S.-India relations, particularly amid Trump’s second term, during which Adani publicly praised the former president. The settlement and dropped charges mark a significant legal resolution for one of the world’s wealthiest individuals.