U.S. Drops Criminal Case Against Gautam Adani Amid Planned $10 Billion Investment

The U.S. administration on Monday moved to dismiss criminal fraud charges against billionaire industrialist Gautam Adani while also resolving a sanctions-related matter involving Adani Enterprises, according to official statements and court records.

The decision marks a major development in legal proceedings involving the Adani Group in the United States. The cases were initiated during the administration of former U.S. President Joe Biden.

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According to a source familiar with the matter, Adani’s legal representatives had indicated last month that the group intended to invest $10 billion in the United States, but ongoing legal proceedings were affecting the proposed investment plans.

Gautam Adani, founder and chairman of the Adani Group, has an estimated net worth of $82 billion, according to Forbes.

Fraud Charges Linked To Solar Project

U.S. prosecutors had accused Adani of involvement in an alleged bribery arrangement linked to approvals for a large solar power project in India.

Authorities alleged that payments amounting to $265 million were intended for Indian government officials to secure clearances for a subsidiary of Adani Group, Adani Green Energy, related to the development of a large-scale solar facility.

The complaint had also alleged that investors and lenders in the United States received misleading information regarding the company’s anti-corruption compliance measures.

According to prosecutors, more than $3 billion was raised from lenders and investors while allegedly concealing the corruption-related concerns tied to the project. The Adani Group has consistently denied wrongdoing in the matter.

Adani Enterprises Resolves Sanctions Matter

Separately, the U.S. Treasury Department stated on Monday that Adani Enterprises agreed to pay $275 million to settle allegations linked to sanctions violations.

The allegations related to purchases of liquefied petroleum gas shipments from a Dubai-based trader that reportedly supplied cargoes described as originating from Oman and Iraq but which allegedly originated from Iran.

The Treasury Department stated that Adani Enterprises has since stopped importing LPG into India. The company has also created a compliance leadership role aimed at strengthening adherence to U.S. Treasury guidance and sanctions-related requirements.

SEC Civil Case Also Settled

The U.S. Securities and Exchange Commission separately settled a civil lawsuit involving Adani related to the alleged bribery scheme, according to court filings released last week. The settlement remains subject to court approval.

The latest developments remove multiple legal overhangs tied to the Adani Group’s operations in the United States. The resolution of the cases also comes at a time when the conglomerate continues to expand across infrastructure, energy, logistics and renewable power businesses both in India and overseas.