Adani set for major relief as US weighs dropping charges

Dubai: US authorities are moving to resolve fraud charges against Indian billionaire Gautam Adani, potentially ending a criminal case that has hung over the Adani Group for more than a year, Bloomberg News reported.

According to people familiar with the matter, the US Justice Department could announce as early as this week that it is dropping criminal charges filed against Adani and other defendants. The US Securities and Exchange Commission (SEC) is also reportedly moving toward a settlement in a parallel civil fraud case launched in November 2024.

The development would mark a major relief for the Adani Group, one of India’s most powerful conglomerates with interests spanning ports, airports, coal, logistics and renewable energy.

Ending the cases could clear the way for the group to return to international capital markets and revive its aggressive global expansion plans, Bloomberg reported.

Financial penalties

While the Justice Department may move to drop the charges because the defendants remain outside the United States, a settlement with the SEC is expected to involve financial penalties, according to the report.

The US Attorney’s Office in Brooklyn declined to comment, while representatives for the SEC and the Adani Group did not immediately respond to requests for comment.

In November 2024, US prosecutors accused Adani and others in a five-count indictment of participating in a $250 million bribery scheme tied to solar power contracts in India.

The Justice Department alleged that Adani and his associates promised bribes to Indian officials to secure energy deals and then concealed the scheme while raising funds from US investors.

The Adani Group has consistently denied the allegations.

None of the defendants, including Gautam Adani and his nephew Sagar Adani, have appeared in a US court, effectively stalling the criminal proceedings.

Meanwhile, the SEC’s parallel fraud case had started advancing in court before the latest push toward settlement.

Earlier this year, Adani’s legal team argued that the SEC lacked jurisdiction over the two men and said the alleged misstatements cited by regulators were not actionable under US law.

Who is Gautam Adani?

• Founder and chairman of the Adani Group, one of India’s biggest conglomerates

• Built a business empire spanning ports, airports, energy, mining, logistics and infrastructure

• Rose from a commodities trader to one of Asia’s richest businessmen

• Adani Group operates India’s largest private port network

• Expanded aggressively into renewable energy, data centres and airports

• Seen as a key player in India’s infrastructure and economic growth story

• Frequently ranked among the world’s richest individuals

• Came under global scrutiny after fraud allegations and a major short-seller attack in 2023

• The group has repeatedly denied allegations of fraud or wrongdoing

• Adani remains one of the most influential figures in Indian business

Adani Group: Key business interests

Adani Group has businesses across several sectors:

• Ports and logistics

• Airports and aviation services

• Coal mining and trading

• Renewable energy and solar power

• Power generation and transmission

• Natural gas distribution

• Infrastructure and construction

• Data centres and digital infrastructure

• Cement and building materials

• Media and broadcasting

• Food and agri businesses

Some of its major companies include:

• Adani Ports and Special Economic Zone

• Adani Green Energy

• Adani Energy Solutions

• Adani Enterprises

• Adani Power

• NDTV

The group operates some of India’s biggest ports and airports and has expanded rapidly into energy and infrastructure projects both in India and abroad.